Credit Suisse Group AG said Friday that its chairman of the risk committee won’t stand for re-election at the bank’s shareholders meeting.

Andreas Gottschling was facing criticism after a $5.5 billion loss from hedge-fund Archegos Capital Management.

Norges Bank Investment Management, which has a stake of around 3% in the bank, said it would vote against his reappointment.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10


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