Credit Suisse Scraps Plan to Back Traderâs Fund Amid Crises
This content was published on June 9, 2021 - 12:31
June 9, 2021 - 12:31
(Bloomberg) Credit Suisse Group AG canceled a plan to back star trader Hamza Lemssouguerâs credit fund in a stunning about-face as it dials back risk after the implosion of Archegos Capital Management and Greensill Capital.
The Swiss lender agreed with Lemssouguer that he should take his Arini European Credit fund outside the bank, according to an internal memo seen by Bloomberg. Credit Suisse will not invest any money or retain an ownership stake, said a person familiar with the matter.
Apr 30 2021, 12:17 PM
April 29 2021, 7:58 PM
April 30 2021, 12:17 PM
(Bloomberg) Credit Suisse Group AG risk committee head Andreas Gottschling is stepping down from his role after prominent investors indicated theyâll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management.
(Bloomberg) Credit Suisse Group AG risk committee head Andreas Gottschling is stepping down from his role after prominent investors indicated theyâll vote to oust him following the $5.5 billion hit from the meltdown of Archegos Capital Management.
Gottschling is standing down ahead of the bankâs annual general meeting on Friday, according to a statement from the company. Shareholder advisory firms including Glass Lewis had urged the bankâs investors to vote against re-electing him for another yearly term.
Credit Suisse CEO Gottstein Vows to Restore Calm After Archegos
This content was published on April 30, 2021 - 08:56
April 30, 2021 - 08:56
(Bloomberg) Credit Suisse Group AG Chief Executive Officer Thomas Gottstein pledged to restore calm at the Swiss bank after the Archegos Capital Management scandal caused a $5.5 billion hit and further damaged its reputation.
Speaking at the virtual annual general meeting on Friday, Gottstein said that the recent developments had “left their mark” on him, and that with the new chairman and board, he would seek “to steer Credit Suisse back into calmer waters.”
Gottstein is battling to rescue his short tenure as chief executive officer after Credit Suisse was hit harder than any other competitor by the collapse of Archegos, the family office of U.S. investor Bill Hwang. The timing of the blowup could hardly have been worse, coming just weeks after Credit Suisse found itself at the center of the Greensill Capital scandal, when it was
Credit Suisseâs New Chairman Signals Possible Shakeup After Woes
This content was published on April 30, 2021 - 12:53
April 30, 2021 - 12:53
(Bloomberg) Credit Suisse Group AG Chairman Antonio Horta-Osorio said he plans a thorough assessment of the bankâs âstrategic optionsâ after the twin hits from the collapse of Archegos Capital Management and Greensill Capital eroded confidence.
While he backed Chief Executive Officer Thomas Gottstein at the bankâs annual general meeting, the new chairman left little doubt about his appetite for change. The recent missteps at the Swiss lender, he said, went beyond any crises he had lived through over three-and-a-half decades working at banks.
Credit Suisse Risk Committee Head Exits After Archegos Hit
This content was published on April 30, 2021 - 06:46
April 30, 2021 - 06:46
(Bloomberg) Credit Suisse Group AG risk committee head Andreas Gottschling is 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.
Gottschling is standing down ahead of the bank’s annual general meeting on Friday, according to a statement from the company. 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 the bank’s controls a