(Bloomberg) Credit Suisse Group AG’s investment bank chief, Brian Chin, is set to leave as part of a wider shakeup at the Zurich-based lender that was hard-hit by the collapse of Archegos Capital Management. Chin’s exit will be announced as soon as Tuesday, according to people familiar with the matter who asked not to be identified because the moves haven’t been made public. The bank’s leaders are also discussing replacing Chief Risk Officer Lara Warner while sparing Chief Executive Officer Thomas Gottstein as they tally Archegos-related losses that could reach into the billions. Warner is set to leave the firm, Financial Times reported. Archegos, a U.S. hedge fund that defaulted on margin calls, could account for losses at Credit Suisse that run into the billions, according to people with knowledge of the matter. The firm has acknowledged the losses will be significant, and is set to give investors an update this week. Reuters reported the update will come Tuesday. The firm
Credit Suisse s Chin to Depart Following Archegos Fiasco
swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
Credit Suisse Shareholder Says Archegos Is Wake-Up Call
swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Credit Suisse Group AG warned it may take a financial hit after the implosion of Greensill Capital forced it to freeze $10 billion of funds and put a loan to the firm at risk, threatening to spoil what had been the bank’s best start to a year in a decade. The lender said Tuesday that while it’s still early, it may need to book a charge related to business it conducted with Greensill Capital, including a loan it extended before the firm filed for insolvency. That prospect overshadowed an otherwise strong start to the year, with revenue at the investment bank up more than 50% in the first two months and pretax income for the group the best in 10 years. The collapse of Credit Suisse’s supply chain finance funds, which it ran with Greensill, has pushed Switzerland’s second-biggest bank into the deepest crisis since Chief Executive Officer Thomas Gottstein took over a year ago. The CEO, who’s already had to contend with a series of past missteps and losses in his fir