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Credit Suisse Group froze four more funds that invested in the bank’s $US10 billion ($12.9 billion) supply chain finance strategy, adding to the widening scandal surrounding the bank’s exposure to Greensill Capital.
Credit Suisse has suspended three senior asset management employees, according to sources familiar with the matter, after the Swiss bank announced it is winding down $10 billion in funds linked to troubled finance company Greensill Capital.
ZURICH/TOKYO — Credit Suisse faces questions from regulators and insurers as it grapples with the fall-out from the collapse of $10 billion worth of supply…
5 Min Read ZURICH (Reuters) - Credit Suisse grappled with the fall-out of Greensill Capital’s insolvency on Wednesday, as the head of its European asset management division temporarily stepped aside and it appointed receivers to recover a $140 million loan in Australia. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. REUTERS/Arnd Wiegmann The Swiss bank was a key source of funding for the speciality finance firm, selling $10 billion worth of securities created by Greensill to investors via its asset management arm. Greensill b...
Michel Degen Credit Suisse Removes Bankers Over Greensill Eric Varvel is making management changes at the Swiss bank's under-fire asset management unit, finews.com has learned. This follows the implosion of a $10.1 billion line of funds co-managed with supply chain specialist Greensill. Zurich-based Credit Suisse is taking Michel Degen off the job temporarily as the head of its asset management activities in Switzerland and wider Europe, the Middle East, and Africa, effective immediately, according to a memo to the unit's staff on Wednesday, finews.com can report. «I've asked Fili...