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By Neil Hodge2021-04-22T18:41:00+01:00
Credit Suisse on Thursday asked investors for $1.9 billion to rebuild its finances after suffering what CEO Thomas Gottstein called “unacceptable” losses.
The Swiss banking giant was on course to achieve its best trading quarter for a decade until it was forced to write off $4.7 billion through its exposure to the collapse of U.S. hedge fund Archegos Capital. Instead, the bank posted a 757 million Swiss franc (U.S. $825 million) loss for the first three months of the year, having previously warned losses could reach $980 million.
The bank is also likely to write off more than $2.3 billion following the bankruptcy of Greensill Capital, which supplied assets for Credit Suisse’s $10 billion of supply-chain funds.
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How Credit Suisse rolled the dice on risk management â and lost
Senior executives pushed compliance to become âmore commercialâ and dissenting voices were suppressed.
Lara Warner, the chief risk and compliance officer at Credit Suisse, was at the centre of controversies.Â
Stephen Morris, Tabby Kinder, Owen Walker and Robert Smith
Apr 21, 2021 â 2.50pm
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Five months before Greensill Capitalâs collapse, Credit Suisse invited a special guest to present to its top ranks in Asia. The visitor was hailed as the sort of bold entrepreneur the bank wanted to do business with: Lex Greensill.
âThe tone was âthis is the exact kind of client the bank wants, tell the MDs to go out and find more guys like Lexâ,â says one senior manager who watched the November video conference. It was hosted by Helman Sitohang, the bankâs head of Asia and one of Greensillâs biggest advocates.
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