Credit Suisse board member quits after financial fiascos
published : 30 Apr 2021 at 13:45 Credit Suisse has been hit hard by bankruptcies at Archegos, a US hedge fund, and British financial firm Greensill.
ZURICH - Credit Suisse announced Friday that one of its board members would step aside after shareholders called for his head following major losses linked to the collapses of the Archegos and Greensill financial firms.
The Swiss bank said in a brief statement that Andreas Gottschling, the head of the board s risk committee, would not seek re-election at a general assembly later on Friday.
Credit Suisse has been hit hard by bankruptcies at Archegos, a US hedge fund, and British financial firm Greensill.
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Before Archegos, Hwang built the New York-based hedge fund Tiger Asia Management in 2001 with the support of Robertson. The firm focused on Asian investments and became one of the best Asia-centric hedge funds, which at its peak managed over $5 billion. In 2012, Hwang pleaded guilty to insider trading of Chinese bank stocks and agreed to pay $44 million to settle civil allegations. The Securities and Exchange Commission alleged that he used confidential information to short sell three Chinese bank stocks. After this, he shut Tiger Asia Management. In 2013, he founded Archegos, a Greek biblical word for leader, which is a family investment vehicle with leverage-based bets on US technology growth stocks and Chinese ADRs.