(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 Suisse Pressed by Senator on $200 Million Tax Fraud
This content was published on April 27, 2021 - 15:43
April 27, 2021 - 15:43
(Bloomberg) Credit Suisse Group AG, already under pressure for losing $5.5 billion in the collapse of Archegos Capital Management, must now answer questions from a powerful U.S. senator about a seven-year-old tax evasion scandal.
Senate Finance Committee Chairman Ron Wyden wrote Tuesday to Credit Suisse and the Justice Department, asking their leaders to explain how the lender’s banking unit could have pleaded guilty in May 2014 to enabling U.S. tax evasion but failed to disclose more than $200 million in accounts held by an American.
Credit Suisse Must Face Suit Over Failed Play on Fear Index
This content was published on April 27, 2021 - 15:58
April 27, 2021 - 15:58
(Bloomberg) Credit Suisse Group AG must face allegations that it engineered a complex fraud to sink an investment vehicle and profit on investors’ losses, after an appeals court revived the claims.
The lawsuit, filed in 2018, claimed investors lost $1.8 billion in the Feb. 5, 2018, collapse of the market for VelocityShares Daily Inverse VIX Short Term Exchange Traded Notes, known as “XIV Notes,” a derivative investment that increased in value when the stock market was calm and decreased when it was volatile.
Credit Suisse Top Holders Seek to Oust Directors Over Archegos
Bloomberg 3 hrs ago Patrick Winters
(Bloomberg) Credit Suisse Group AG’s top shareholders have called for the removal of key board members ahead of the bank’s annual general meeting, after mounting losses linked to a failed hedge-fund further eroded confidence in the lender’s leadership.
Norway’s sovereign wealth fund, one of the bank’s top investors, will vote against re-election to the board of six members including lead independent director Severin Schwan, audit committee head Richard Meddings and risk committee head Andreas Gottschling, according to voting instructions published on its website.
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