Banking News

Credit Suisse Overhauls Leadership Team Following Greensill and Archegos Losses

Credit Suisse Overhauls Leadership Team Following Greensill and Archegos Losses

(7 April 2021 – Global) Credit Suisse is cleaning house following significant losses from the collapses of Greensill and Archegos Capital, removing several senior executives, traders and risk managers.

Lara Warner, group chief risk and compliance officer along with Brian Chin, head of the investment bank are to leave the bank over the coming month. Joachim Oechslin will succeed Ms Warner as interim CRO and Thomas Grotzer will take on interim global head of compliance duties. Christian Meissner will replace Mr Chin.

The group also announced two investigations by external parties into the events leading up to the Archegos and Greensill losses.

The Swiss banks housecleaning has not been confined to the top ranks with a string of further departures being announced. Paul Galietto, head of equities trading, Parshu Shah, head of prime service risk along with Ryan Atkinson, head of credit risk at the investment bank; Ilana Ash, head of counterparty credit risk management, and Manish Mehta, head of counterparty hedge fund risk all leaving the bank.

The bank has lurched from one crisis to the next over the past few years. In the past year alone, it has been caught up in alleged frauds at Chinese coffee house chain Luckin Coffee and German payments company Wirecard.

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