Thomas Gottstein

Investors brought several securities actions following Credit Suisse's collapse. In an order dated 7 July 2025, the federal judge allowed certain claims to proceed and granted class certification, while directing the clerk to terminate Thomas Gottstein as a party.

State of the evidence

Class action and July 2025 federal court order documented

Legal status — source text

On 7 July 2025, the court ordered Thomas Gottstein's removal as a party; other parts of the litigation continued

Attribution

Gottstein was initially named in investor actions, but his final procedural status under the order examined is favourable to him

In 2022, Credit Suisse became the first major Swiss bank to be criminally convicted in its home country in a case concerning the laundering of funds from a Bulgarian network. In November 2024, Switzerland's highest court acquitted the bank and overturned that conviction.

State of the evidence

First-instance conviction followed by the bank's acquittal in 2024 documented

Legal status — source text

Credit Suisse's 2022 conviction overturned in November 2024; no personal conviction of Gottstein

Attribution

Governance responsibility as CEO at the time of the first-instance judgment, without established personal criminal liability

Person targeted by the proceedings

Credit Suisse

Role of the person profiled

Protagonist not prosecuted

The Swiss parliamentary inquiry concluded that years of mismanagement had driven Credit Suisse into crisis and that responsibility for the loss of confidence and the bank's existential situation lay with the board and management, which had resisted numerous FINMA interventions.

State of the evidence

Official parliamentary inquiry findings published in December 2024

Legal status — source text

Political and institutional finding; no personal criminal conviction of Gottstein

Attribution

Gottstein was a member of management and then CEO during part of the years of mismanagement examined; the report attributes collective responsibility to the bank's governing bodies without establishing individual criminal wrongdoing here

The collapse of Greensill Capital prompted Credit Suisse to freeze and then liquidate approximately $10 billion in supply-chain finance funds. FINMA subsequently concluded that the bank had seriously breached its prudential obligations, particularly concerning organisation and risk management.

State of the evidence

Collapse of the funds and FINMA's finding of serious prudential breaches by Credit Suisse established

Legal status — source text

FINMA found serious breaches of prudential law by Credit Suisse; no personal criminal conviction of Gottstein established

Attribution

Governance responsibility as CEO during the outbreak of the crisis, without automatic attribution of criminal liability

The collapse of Archegos Capital Management caused Credit Suisse to lose more than $5 billion. In 2023, FINMA found serious and systematic breaches of prudential regulations, particularly in counterparty risk management.

State of the evidence

Loss and FINMA findings documented

Legal status — source text

FINMA found serious and systematic breaches of prudential law by Credit Suisse; no personal criminal conviction of Gottstein established

Attribution

Governance responsibility as CEO during the crisis

The 'Suisse Secrets' investigation, based on a leak involving more than 18,000 accounts, revealed that Credit Suisse had accepted clients linked to serious crimes or corruption, reviving criticism of the bank's due diligence and compliance culture.

State of the evidence

Data leak and international journalistic investigation documented

Legal status — source text

No personal conviction of Gottstein linked to the publication; allegations concerned the bank's historical practices

Attribution

Governance and public-response responsibility as CEO in office when the revelations emerged

In October 2021, Credit Suisse admitted misleading investors in the financing of a tuna project in Mozambique; its subsidiary Credit Suisse Securities (Europe) pleaded guilty to conspiracy to commit wire fraud. The coordinated settlement exceeded $547 million.

State of the evidence

Credit Suisse admissions and a subsidiary's guilty plea established by the DOJ

Legal status — source text

Credit Suisse and its British subsidiary reached a global settlement exceeding $547 million; no personal conviction of Gottstein in this case

Attribution

Governance responsibility as CEO at the time of the settlement of a historical case

Person targeted by the proceedings

Credit Suisse's British subsidiary

Role of the person profiled

Protagonist not prosecuted

Credit Suisse was among the banking syndicate exposed to a margin loan secured against Luckin Coffee shares, following the share price collapse amid accounting fraud. The episode fuelled criticism of risk management and formed part of a succession of shocks during Gottstein's leadership.

State of the evidence

Default and bank exposure documented by the financial press

Legal status — source text

No personal criminal conviction of Thomas Gottstein

Attribution

Governance responsibility as Credit Suisse CEO when the bank was dealing with the consequences of its exposure

Credit Suisse announced an impairment of approximately $450 million on its holding in York Capital Management, another setback during Gottstein's first year as CEO.

State of the evidence

Financial impairment announced and documented

Legal status — source text

No personal criminal proceedings identified

Attribution

Governance responsibility as CEO; the loss concerned a Credit Suisse investment