Credit Suisse Risk Committee Head Exits After Archegos Hit
This content was published on April 30, 2021 - 06:46
April 30, 2021 - 06:46
(Bloomberg) Credit Suisse Group AG risk committee head Andreas Gottschling is stepping down from his role after prominent investors indicated they’ll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management.
Gottschling is standing down ahead of the bank’s annual general meeting on Friday, according to a statement from the company. Shareholder advisory firms including Glass Lewis had urged the bank’s investors to vote against re-electing him for another yearly term.
Credit Suisse emerged as the big loser in global investment banks’ race to exit trading positions as Archegos collapsed, forcing it to raise about $2 billion of fresh funds from investors to shore up its balance sheet. The debacle wiped out a year of profit and left investors nursing heavy losses and questioning the bank’s controls a
(Bloomberg) Credit Suisse Group AG Chairman Antonio Horta-Osorio said he plans a thorough assessment of the bank’s “strategic options” after the twin hits from the collapse of Archegos Capital Management and Greensill Capital eroded confidence. While he backed Chief Executive Officer Thomas Gottstein at the bank’s annual general meeting, the new chairman left little doubt about his appetite for change. The recent missteps at the Swiss lender, he said, went beyond any crises he had lived through over three-and-a-half decades working at banks. “We will take the time required for an in-depth assessment of the bank’s strategic options,” said Horta-Osorio, who succeeded Urs Rohner on Friday. “Then we will decide on a course of action and closely oversee the execution.” The comments are the clearest indication yet that the former head of Lloyds Banking Group Plc is planning to take a hands-on approach in his new role. Analysts and executives have suggested his options inc
Credit Suisse Group AG risk committee head Andreas Gottschling is stepping down from his role after prominent investors indicated they’ll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management. Gottschling is standing down ahead of the bank’s annual general meeting on Friday, according to a statement from the company. Shareholder advisory firms including Glass Lewis had urged the bank’s investors to vote against re-electing him for another yearly term.
Credit Suisse emerged as the big loser in global investment banks’ race to exit trading positions as Archegos collapsed, forcing it to raise about $2 billion of fresh funds from investors to shore up its balance sheet. 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 risk committee head Andreas Gottschling is considering stepping down from his role after prominent investors indicated they’ll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management. The board is discussing Gottschling’s role, and he’s weighing an exit ahead of the annual general meeting on Friday, according to a person with knowledge of the matter, asking not to be identified as the deliberations are private. He emerged as a target after shareholder advisory firms including Glass Lewis had urged the bank’s investors to vote against re-electing him for another yearly term. Credit Suisse emerged as the big loser in global investment banks’ race to exit trading positions as Archegos collapsed, forcing it to raise about $2 billion of fresh funds from investors to shore up its balance sheet. The debacle wiped out a year of profit and left investors nursing heavy losses and questioning its controls afte
Credit Suisseâs Key Tokyo Private Banker Leads Exodus to LGT
This content was published on April 28, 2021 - 09:26
April 28, 2021 - 09:26
(Bloomberg) Yoshitaka Nagakura, a senior private banker at Credit Suisse Group AG in Tokyo, left to spearhead a new operation for LGT Private Banking in Japan, according to people with knowledge of the matter.
Nagakura started earlier this year as market head for Japan, where LGT is in the process of setting up a new private banking business, the people said, asking not to be identified as the move isnât public. He is among about two dozen former Credit Suisse staff who have joined or are in the process of joining the firm, the people said.