Thursday, 27 May 2021 09:37
Credit Suisse s Veteran Brazil Boss Heads for Exit
The Swiss bank s long-standing CEO in Brazil plans to leave later this year. His exit comes at a crucial juncture for Credit Suisse – both at home as well as in South America.
José Olympio Pereira will hand over the reins of Credit Suisse s Brazilian business by year-end, according to a memo seen by
finews.com and first reported by Brazilian outlet «Pipeline»
(behind paywall, in Portuguese). Pereira is a heavyweight who has been with the Swiss lender or banks it acquired for nearly his entire career.
His exit comes amid one of the biggest crises in the 156-year-old lender s history due to the twin hits of Greensill and just three weeks later Archegos. The latter blew an $4.7 billion hole in its profits in the first quarter and prompted a swift cash call from staunchly loyal big shareholders as well as some super-wealthy individuals.