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 [...]
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. [...]