Credit Suisse chief executive resigns after turbulent two years

Thomas Gottstein steps down in latest high-level departure and will be replaced by Ulrich Korner

The chief executive of Credit Suisse has resigned after a tumultuous two-year tenure during which the Swiss lender was beset by a string of scandals and financial losses.

The bank confirmed on Wednesday that Thomas Gottstein was stepping down and would be replaced by the head of its asset management division, Ulrich Korner, in an a move intended to solidify the bank's strategic shift away from investment banking.