City braces itself for more rules as Rishi Sunak orders financial regulation reviews September 24, 2021 Chancellor Rishi Sunak has ordered two immediate reviews of UK financial regulation following a report by the Treasury select committee on the collapse of Greensill Capital. In a letter published on Friday, Sunak insisted the Treasury acted “entirely appropriately” in its handling of David Cameron’s Greensill lobbying efforts. Sunak hit back at the report which [...]
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 [...]
Parliamentary inquiry into Cameron Greensill saga says lobbying rules are ‘insufficient’ July 20, 2021 A parliamentary committee looking into the Greensill saga blasted ex-prime minister David Cameron for the “significant lack of judgement” he showed in his support for the failed firm. The “Lessons from Greensill Capital” report by the Commons Treasury Select Committee found that the current ministerial lobbying rules are “insufficient” and “there is a good case [...]
David Cameron earned more than $1m a year as Greensill lobbyist July 13, 2021 Collapsed finance group Greensill Capital paid the former Prime Minister a salary of more than $1m (£722,000) a year to lobby government ministers and officials on behalf of the firm. Cameron was contracted to work 25 days a year as an adviser to the board, meaning his daily take home earnings amounted to more than [...]
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 [...]
Greensill Covid loan accreditation in line with ‘streamlined’ approval process July 7, 2021 The decision to grant collapsed Greensill Capital the ability to hand out Covid loans was in line with the approved accreditation process, but a stricter set of criteria could have identified the firm’s issues, a new report has found. The National Audit Office (NAO) also said that the British Business Bank (BBB), which administers the [...]
Greensill Capital: The financial scandal that just won’t go away July 5, 2021 On Friday, it was announced that Credit Suisse will pay out a further $750m to backers of its Greensill-linked supply chain finance funds. Thus far, the lender has clawed back $6.1bn of the $10bn of its funding supported by collapsed supply chain finance firm Greensill Capital, up $200m on its previous update. The news follows, [...]
Credit Suisse to pay out further $750m to Greensill fund investors July 2, 2021 Credit Suisse will pay out a further $750m (£545.9m) to backers of its Greensill-linked supply chain finance funds, its asset management arm announced today. Thus far, the lender has clawed back $6.1bn of the $10bn of its funding supported by collapsed supply chain finance firm Greensill Capital, up $200m on its previous update. The new [...]
Accounting watchdog opens probe into Greensill auditor June 28, 2021 The UK’s accounting regulator has opened an investigation into the auditor of collapsed supply chain finance firm Greensill. The Financial Reporting Council (FRC) today said it had launched a probe into Saffery Champness for its audit of Greensill’s financial statements in 2019. It will also scrutinise PwC over its 2019 audit of Wyelands Bank, which [...]