Credit Suisse Group AG risk committee head Andreas Gottschling is considering stepping down from his role after the $5.5 billion hit from the meltdown of Archegos Capital Management and Greensill Capital scandal raised investor ire about the bank’s oversight.

Gottschling is weighing whether to depart ahead of the annual general meeting on Friday, according to a person with knowledge of the matter. He emerged as a target after shareholder advisory firms including Glass Lewis had urged the bank’s investors to vote against re-electing him for another yearly term. The board is discussing Gottschling’s role, the person said, asking not to be identified as the deliberations are private.

Credit Suisse emerged as the big loser in global investment banks’ race to exit trading positions as Archegos collapsed, forcing it to raise about $2 billion of fresh funds from investors to shore up its balance sheet. The debacle wiped out a year of profit and left investors nursing heavy losses and questioning its controls after a string of hits and write-downs.

Credit Suisse Top Holders Seek to Oust Directors Over Archegos

Gottschling would be the first supervisory board member to leave because of the Archegos and Greensill Capital debacles after several top executives lost their jobs. The bank has seen high-profile senior departures including investment banking head Brian Chin, Chief Risk Officer Lara Warner and the co-heads of the prime brokerage unit, though Chief Executive Officer Thomas Gottstein has remained in place.

“Shareholders would be warranted to also attribute accountability to the board’s risk committee,” Glass Lewis wrote to investors earlier this month, adding that a change in leadership of the risk committee is needed to regain shareholder trust after the recent financial and reputational damage. It cited performance and experience concerns when advising investors to vote against Gottschling.

The Financial Times first reported that Credit Suisse was considering removing Gottschling.

CEO Gottstein is battling to rescue his short tenure after the Archegos hit spectacularly capped a run of hits for the bank. The timing of the blowup could hardly have been worse, coming just weeks after Credit Suisse found itself at the center of the Greensill Capital scandal, when it was forced to suspend investment funds. While seeking to placate investors hurt by the losses, he also now faces the fresh challenge of navigating enforcement proceedings announced by Swiss regulator Finma.