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Credit Suisse Brain Drain Hits Investment Bank in Top Deals Year
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Credit Suisse makes $750 million payment to Greensill investors
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Credit Suisse Weighs Overhaul of Wealth Management Business
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Credit Suisse Names New Europe Equities Head After Archegos
This content was published on May 7, 2021 - 11:53
May 7, 2021 - 11:53
(Bloomberg) Credit Suisse Group AG named Neil Hosie head of equities for Europe, Middle East and Africa, replacing Ryan Nelson who stepped down after the bank lost $5.5 billion in the collapse of Archegos Capital Management.
Hosie will remain as head of equities for Asia Pacific, according to people familiar with the decision who asked not to be identified since the matter is private. He will relocate to London in due course, the people said.
The Swiss firm emerged as the biggest loser among global investment banks as Archegos blew up in March, forcing it to raise about $2 billion in fresh funds from investors to shore up its finances. The debacle wiped out a year of profit and left investors nursing heavy losses and questioning the bank’s controls after a string of hits and writedowns.
(Bloomberg) Credit Suisse Group AG’s business with Archegos Capital Management enabled the family office to undertake highly-leveraged stock bets with only minimal collateral posted, a strategy that exposed the lender to losses far exceeding its peers when the firm collapsed. Credit Suisse lent the family office of Bill Hwang funds allowing bets with leverage of up to ten times, and only asked for collateral worth 10% of the sums borrowed, according to a person familiar with the business. The leverage offered by the Swiss bank was in some cases double what other brokers gave Hwang, helping to push the loss to some $5.5 billion after the fund imploded in March. That compares with a $2.9 billion hit to Nomura Holdings Inc and lesser sums or no loss at all for lenders including Deutsche Bank AG that offered Hwang prime brokerage services. Credit Suisse declined to comment. The figures were first reported by Risk.net. Read More: Credit Suisse’s New Chairman Signals Possible Shakeup A