Swiss police raid Credit Suisse offices over Greensill Capital funds October 3, 2021 Swiss police have raided Credit Suisse offices and seized documents relating to the failure of the bank’s $10bn range of supply chain finance (SCF) funds that were linked to Softbank-backed Greensill. Police carried out the raids last week after the Zurich public prosecutor’s office launched criminal proceedings into Greensill. The prosecutor’s actions followed a criminal [...]
Credit Suisse asks fund investors to foot £145m bill to prevent Greensill folding September 20, 2021 Credit Suisse has riled clients who are already dealing with billions of dollars in losses from its failed supply chain finance (SCF) funds with plans to land them with a further $145m bill this year, some of which will be used to preserve Greensill Capital. It comes after Credit Suisse’s asset management division suspended a [...]
Return to office delayed for unvaccinated Credit Suisse staff in US August 25, 2021 Credit Suisse has told its unvaccinated US employees to continue to work from home until mid-October while vaccinated staff can return to the office from September, according to reports. The Swiss lender postponed the date when all of its US staff would be required to return to working from the office to 18 October, according [...]
Judge rules Credit Suisse banker was unfairly sacked over rogue trade August 16, 2021 An employment tribunal has found that banker Ellina Volkova, who carried out a rogue trade on behalf of a Russian client that cost the bank £20,000, was unfairly dismissed by Credit Suisse as the bank’s investigation into her behaviour was “unjustifiably delayed.” As part of his judgement, Judge David Massarella found against Volkova’s claim that [...]
Credit Suisse bolsters risk oversight to prevent future Greensill scandals August 13, 2021 Credit Suisse is bolstering its internal controls to prevent future scandals in a bid to repair the damage inflicted on its reputation by the Greensill and Archegos affairs. Switzerland’s second largest bank is adding two new risk experts to its non-executive board. New chairman Antonio Horta-Osorio has made strengthening risk oversight his main priority after [...]
Credit Suisse to stand trial over ‘tuna bonds’ involvement August 3, 2021 Credit Suisse is set to face a 13-week trial in September 2023 over its involvement in the “tuna bonds” scandal, according to reports on Tuesday. Sources familiar with the matter said the Swiss bank will be scrutinised for its involvement in the scandal that saw funds raised through debt issuance spent on purchasing military equipment [...]
Credit Suisse mulls hiking junior staff salaries to $100,000 August 2, 2021 Credit Suisse has reportedly become the latest banking giant to hike junior staff salaries to $100,000 amid growing competition for fresh talent. According to Financial News, the lender will pay first year analysts $100,000 a year, with salaries to rise to $105,000 and $110,000 over the next two years. City A.M. understands that the hike, [...]
Climate change activists occupy Zurich’s financial district August 2, 2021 Police this morning began clearing a group of Climate Strike activists occupying the heart of Zurich’s financial district. Around 200 activists from the Climate Strike Switzerland group gathered outside the UBS and Credit Suisse headquarters to protest the financing of environmentally damaging fossil fuel projects. According to “Rise Up for Change”, a group bringing together [...]
Credit Suisse appoints new chief risk officer after Greensill and Archegos scandals July 27, 2021 Credit Suisse Group has appointed Goldman Sachs banker David Wildermuth as the new chief risk officer, following recent multibillion-dollar scandals. Wildermuth will replace Lara Warner, who was pushed out in April down as chief risk and compliance officer in the wake of the implosion of the Archegos family investment firm that cost the Swiss bank [...]
Credit Suisse settles spying case with former executive banker July 26, 2021 Credit Suisse has reached an out-of-court settlement with its former star banker Iqbal Khan whose explosive allegations of corporate espionage led to the resignation of chief executive Tidjane Thiam, the Swiss bank said on Sunday. “All involved parties have agreed to settle,” said Credit Suisse, according to the Financial Times. “This matter is now closed.” The [...]