Credit Suisse sacks staff with links to Greensill funds after review into collapse December 22, 2021 Credit Suisse has fired staff and imposed “severe” financial penalties on various individuals, as the bank investigates the failings that led to the collapse of its Greensill-linked supply chain finance funds. The Swiss banking giant commissioned the investigation after its asset management division had to suspend a $10bn range of supply chain finance funds that [...]
Credit Suisse executive with links to Greensill steps down after 30 years December 20, 2021 Eric Varvel, the Credit Suisse executive who previously ran the bank’s $500bn asset management unit with ties to Greensill, is stepping down after three decades at the Swiss group. Varvel, who was most recently chair of Credit Suisse’s investment bank and head of its US holding company, had contemplated leaving the bank partly due to [...]
Credit Suisse shakes up board and appoints new wealth management head December 13, 2021 Credit Suisse has welcomed back Francesco De Ferrari and named him global head of the bank’s wealth management division, among a series of appointments to its executive board announced this morning. De Ferrari, who worked at Credit Suisse between 2002 and 2018, will return to the Swiss bank in the new year after a brief [...]
Credit Suisse wants access to staff personal mobiles December 11, 2021 Switzerland’s biggest bank has asked staff to allow their employer access to their personal mobile phones and other devices if used for work communication with clients or colleagues, according to reports. The controversial new policy by Credit Suisse has raised concerns about privacy, according to the Financial Times, which first reported the news. As the [...]
Credit Suisse pencils in next payout to Greensill fund investors this month December 9, 2021 Credit Suisse is plotting another payout this month for investors in its frozen supply chain finance funds linked to Greensill Capital, the bank said today. The latest payout is the sixth installment since Greensill Capital collapsed earlier this year, taking the total amount returned to investors as of the end of November to $7.1bn. It [...]
Credit Suisse says demand for office spaces will rise in long run December 8, 2021 Demand for office space is set to increase in the long term, despite the home working trend propelled by the pandemic, according to a new study by Credit Suisse. The Swiss bank said that while people’s preference for working from home”is likely to cast its shadow over the office property market for several more quarters,” [...]
Credit Suisse chair Antonio Horta-Osorio says largest investors back bank overhaul November 7, 2021 Credit Suisse chairman Antonio Horta-Osorio has today revealed that the six largest investors of the bank back its newly announced strategy, according to reports. “We are in close contact with our shareholders – in particular the six largest, who together own around 30 per cent of the capital,” Horta-Osorio told Swiss newspaper NZZ am Sonntag, [...]
Antonio Horta-Osorio gives Credit Suisse prime broking the chop after $5bn losses November 4, 2021 Horta-Osorio, who joined Credit Suisse from Lloyds in April, has revealed sweeping plans to restructure the beleaguered lender and dramatically pare back its investment bank activities after it suffered multibillion losses this year. Under the new strategy announced today, Credit Suisse will rein in its investment bank and focus on its wealth management division, in [...]
Scandal-beset Credit Suisse to present early strategy update November 1, 2021 Credit Suisse will provide an update, earlier than expected, on the group’s strategy review this Thursday, following a series of high-profile scandals which has left the Swiss lender reeling. The review into the banking giant’s culture and risk management, promised by chairman Antonio Horta-Osorio, will follow the bank’s third-quarter results at an investor event in London. [...]
Credit Suisse delays publishing Greensill failings report a week after police raid October 11, 2021 Credit Suisse has pushed back on publishing a report that details its own failings around the collapse of $10bn of investment funds it ran with Greensill Capital, a week after Swiss police raided its headquarters for related documents. Findings from the probe, which was carried out by Deloitte and Swiss law firm Walder Wyss, had [...]