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 [...]
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 [...]