Credit Suisse’s Swiss compliance head leaves with immediate effect after just four months July 13, 2021 The head of compliance at Credit Suisse’s Swiss unit, Floriana Scarlato, is leaving the bank with immediate effect, even though she had only been in the role since March. Scarlato will be taking up a new role outside the bank and her successor will be announced in due course, the financial giant confirmed. Scarlato is [...]
Credit Suisse chief compliance officer resigns as shake up continues in the aftermath of Greensill July 12, 2021 Credit Suisse’s chief compliance officer will depart the bank as it continues a shake up by its new chairman in the wake of a series of costly scandals. The banking giant announced that its Swiss chief compliance, Floriana Scarlato, would leave with immediate effect to explore opportunities elsewhere. Recently appointed chairman Antonio Horta-Osorio has vowed to [...]
Credit Suisse takes measures to reduce counterparty risk following Greensill Archegos scandals July 9, 2021 Credit Suisse has created a new role to manage risk from lending to counterparties sensitive to market moves, such as investment banking clients. The bank appointed Amélie Perrier to the newly created role of Head of Counterparty Market Risk, according to a Reuters report. Memo In an internal memo released today, the bank said: “In [...]
Credit Suisse could seek UBS merger after Greensill and Archegos scandals June 25, 2021 Credit Suisse’s top management are under pressure to overhaul the scandal-hit Swiss bank and a merger with rival UBS may be on the cards. Reuters today reported that three people familiar with the bank’s thinking are concerned that it could be challenged by investors demanding its break-up. This has led the sources to believe that [...]
Credit Suisse ‘wooed’ Sanjeev Gupta before Greensill collapse June 11, 2021 Credit Suisse has been embroiled in further controversy over its links to Sanjeev Gupta after details emerged about the Swiss lender’s direct relationship with the tycoon. Former executives at the bank told the Financial Times that leadership wooed Gupta, offering him a string of services as his private wealth manager, as well as VIP treatment. [...]
Trafigura ‘warned’ Credit Suisse over ‘suspect’ GFG invoice June 3, 2021 Commodities trading house Trafigura warned Credit Suisse over a suspect invoice from Sanjeev Gupta’s GFG Alliance in July 2020, it has emerged. The so-called receivable, the FT reported, indicated that Trafigura owed money to Liberty Commodities, the metal trading arm of Gupta’s conglomerate. Prior to going bust in March, Greensill, GFG’s main financier, would lend [...]
Credit Suisse ‘bankrolled Gupta despite warnings’ from colleagues elsewhere at bank May 28, 2021 Executives at Credit Suisse ignored warnings from colleagues about troubled Sanjeev Gupta, pressing ahead with funnelling billions to his business despite others at the bank blacklisting the steel tycoon. The warnings from one set of executives did not stop others at Credit Suisse transferring $1.2bn of client funds to steel tycoon Sanjeev Gupta, Bloomberg first [...]
BoE policymaker urges regulators to probe $10bn Archegos collapse May 26, 2021 A Bank of England’s policymaker has urged that financial regulators today should have a cross-border inquiry into how the collapse of US investment fund Archegos cost banks more than $10bn. Anil Kashyap, a BoE financial policy committee member, also warned that new European Union bank capital rules could have “tragic” outcomes if abused. Archegos collapse [...]
Senior Credit Suisse bankers flee to Barclays, Goldman and Citi after Archegos disaster May 19, 2021 About a dozen managing directors at Credit Suisse have recently left the banking giant or are in the process of doing so, with most of them poached by rivals including Barclays, Goldman Sachs and Citibank. Moreover, a range of senior bankers are expected to announce their departure in the coming weeks, with several others also [...]
New Credit Suisse chair Horta-Osório says bank’s crisis is worst he’s seen May 1, 2021 New Credit Suisse chair António Horta-Osório has told investors the recent crisis at the bank is the worst he has seen in his career. Speaking at an annual meeting yesterday the former Lloyds boss told investors the situation at Credit Suisse was severe. “I have personally worked at and led several banks in different countries [...]