Lara Warner, Credit Suisse s risk boss
Friday, 12 March 2021 08:02
Credit Suisse Grapples With Greensill Blame
The Swiss bank is clearly grappling with the question of who among its top executives is accountable for the Greensill disaster. Risk boss Lara Warner reportedly approved a $160 million to Lex Greensill.
Two weeks into the Greensill implosion, top executives at Zurich-based Credit Suisse appear to be scrambling to distance themselves from the teetering U.K. supply chain financier as well as its billionaire co-founder
Lex Greensill. On Wednesday, the bank temporarily replaced three asset managers involved in setting up and managing the Greensill products.
For Credit Suisse, the matter is far more complicated because it maintained relationships to Greensill himself – the kind of wealthy private client most Swiss banks hunt. Credit Suisse investment bank were also reportedly lined up for a Greensill initial public offering this year – besides the asset management
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The asset management arm of Zurich-based Credit Suisse said on Monday it has suspended redemptions from its $10 billion supply chain finance funds over concerns about the value of the funds investments. In a note to investors, Credit Suisse Asset Management said that a certain part of the subfunds assets is currently subject to considerable uncertainties with respect to their accurate valuation . London-based Greensill Capital helps manage the supply chain finance funds, originating and processing the credits which go into the funds and helping to secure investors. Greensill, into which the SoftBank Vision Fund, part of Japan s Softbank Group, has invested around $1.5 billion in recent years, was not immediately available for comment.