Credit Suisse announced a major overhaul of its business including the sale of its securitised products business and the revival of its CS First Boston investment banking brand, as the Swiss bank’s wealth management business reported shrinking profits and client outflows. The bank, whose business in the past two years has been rocked by the Archegos Capital Management and Greensill […]

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Credit Suisse has announced its latest raft of leadership changes, in an attempt to move on from a period of high-profile scandals and weaker business performance. The lender said in a statement on Monday that Deutsche Bank group treasurer Dixit Joshi would rejoin as chief financial officer, while Francesca McDonagh had been appointed group chief operating officer. Both will join […]

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An Asian Private Banker analysis of private banks recruitment trends in 2021 shows that Nomura, Deutsche Bank and Credit Suisse were the most active in hiring senior staff in the region, while Credit Suisse and Bank of Singapore saw a higher number of senior departures. Japan’s Nomura went on a hiring spree in Hong Kong and Singapore at the start […]

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Credit Suisse has entered into a referral agreement to make it easier for its prime brokerage clients to transition to rival BNP Paribas as an alternative service provider. The referral agreement with BNP Paribas follows the Swiss lender’s decision to withdraw from prime broking and derivatives clearing in the aftermath of the Archegos scandal. “Credit Suisse will support affected customers […]

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Credit Suisse has appointed a new chief compliance officer, following the resignation of Lara Warner in the wake of the Greensill and Archegos fallouts. Investors affected by the winding down of the Greensill supply chain finance funds (SCFF) have received another payment of liquidation proceeds, of about US$400 million. Effective on 1 October, Rafael Lopez Lorenzo will be taking up […]

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Credit Suisse’s APAC wealth management franchise gathered US$5.4 billion in net new money and delivered an almost 60% jump in wealth management-related pre-tax incomes during 1Q21, highlighting the resilience of the Asia division as the group contends with the fallout from the Archegos and Greensill affairs. In all, APAC wealth management activities in 1Q21 contributed CHF 482 million in pre-tax […]

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Credit Suisse Asset Management today announced its second cash distribution, of US$1.7 billion, to investors in the winding down of the four supply chain finance funds (SCFFs) that were suspended on 1 March. That brings the total distribution so far to US$4.8 billion. The bank said in a press release that as of last Friday, it had collected US$2 billion from […]

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Credit Suisse has made sweeping changes to its senior management following the suspension of its Greensill supply chain finance funds and a US$4.7 billion write-down linked to hedge fund Archegos Capital’s crash. It has predicted a grim impact on its 1Q21 financial performance, which could amount to a loss of CHF 900 million (US$967 million). According to an announcement issued […]

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Credit Suisse Group’s board of directors has appointed a new CEO for asset management, following the suspension earlier this month of Greensill Capital-backed supply chain finance funds. In addition, the asset management business will be broken off from the International Wealth Management (IWM) division and be managed separately. Ulrich Körner will become CEO AM and a member of the executive […]

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