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Friday, 23 April 2021 15:42 | Written by Katharina Bart
Credit Suisse Taps Favored Law Firm for Probes
finews.com has learned.
Credit Suisse retained Homburger as well as Deloitte for two investigations ordered by its board into Greensill and Archegos, respectively, a source familiar with the matter told
finews.com.
The choice of Homburger in particular is puzzling: the Zurich law firm led a 2019 investigation into a corporate espionage scandal. Homburger’s probe found the spying of defecting banker
Iqbal Khan to be a «rogue» incident; in fact, at least one another top executive was later found to have been tailed by private investigators hired by the Swiss bank.
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By David Rothnie
22 Apr 2021
When António Horta-Osório takes over as chairman of Credit Suisse on May 1, he will be fighting fires on all fronts. While the bank has a relatively strong capital position, boosted by a $2bn fundraising announced on Thursday, shareholders are demanding answers over strategy and controls. Perhaps more ominously, the Swiss regulator Finma has instigated enforcement proceedings, writes David Rothnie.
Horta-Osório may reflect on the maxim “never waste a good crisis”, but when he began sketching out his wish-list after agreeing to take over from chairman Urs Rohner a year ago, dealing with a catastrophe was probably not uppermost in his mind.The new chairman is now set to
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Provided by Dow Jones
By Margot Patrick Credit Suisse Group AG said it would issue new shares after losses from Archegos Capital Management wiped out a strong first quarter, highlighting the damage caused by the collapse of the investment firm. On Thursday, the bank said it placed notes that convert to stock in six months to counter damage to its capital position from the loss and new charges imposed by the Swiss financial regulator. The offering will be based on the bank s share price in the coming days and could raise close to $2 billion in fresh capital. It said it had only a small remaining exposure to Archegos as of Wednesday after selling 97% of its related positions, but lost another $655 million from them in the second quarter, adding to a $4.7 billion charge in the first quarter.