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
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 after a string of hits and writedowns.
Swiss watchdog asked Credit Suisse on Greensill risks - SonntagsZeitung reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
The head of Switzerland's financial regulator FINMA questioned Credit Suisse over risks in its dealings with now-insolvent finance firm Greensill Capital "months" before the bank was forced to close $10 billion of funds liked to Greensill, Swiss newspaper SonntagsZeitung.
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ZURICH (Reuters) - The head of Switzerland s financial regulator FINMA questioned Credit Suisse Group AG over risks in its dealings with now-insolvent finance firm Greensill Capital months before the bank was forced to close $10 billion of funds linked to Greensill, Swiss newspaper SonntagsZeitung reported on Sunday.
Alongside formal discussions on a technical level between the bank and FINMA, the watchdog s head Mark Branson personally discussed the risks with outgoing Credit Suisse Chairman Urs Rohner and Chief Executive Thomas Gottstein during a meeting on an unspecified date, the newspaper reported, citing information it had obtained.
FINMA and Credit Suisse declined to comment to Reuters.