https://archive.is/JpMOX https://www.swissinfo.ch/eng/bloomberg/credit-suisse-executives-to-depart-after-archegos-losses/46506490
https://www.reuters.com/article/us-usa-markets-blocktrades-creditsuisse/credit-suisse-investment-bank-head-chief-risk-officer-to-depart-sources-idUSKBN2BS222
Credit Suisse Executives to Depart After Losses From Archegos This content was published on April 6, 2021 - 00:01April 6, 2021 - 00:01 (Bloomberg) – Credit Suisse Group AG is shaking up its executive ranks after the Zurich-based lender was hard-hit by the collapse of Archegos Capital Management.
Investment bank chief Brian Chin is set to leave in an exit that may be announced as soon as Tuesday, according to people familiar with the matter, who asked not to be identified because the move hasn’t been made public.
The bank’s leaders are also discussing replacing Chief Risk Officer Lara Warner while sparing Chief Executive Officer Thomas Gottstein as they tally Archegos-related losses. Warner is set to leave the firm, Financial Times reported.
Archegos, a U.S. hedge fund that defaulted on margin calls, could account for losses at Credit Suisse that run into the billions, people with knowledge of the matter said. The firm has acknowledged the losses will be significant, and is set to give investors an update this week. The firm is also planning a review of its prime-brokerage business.
Paul Galietto, head of equities sales and trading, is stepping down from that role effective immediately, though he will stay through April to assist in the transition, the bank said in a staff memo reviewed by Bloomberg. Anthony Abenante will replace Galietto on an interim basis while continuing in his current role as global head of execution services.
Chin was promoted to chief executive officer of the investment bank last year when Gottstein merged the unit with trading operations after the departure of former CEO Tidjane Thiam. The restructuring marked a victory for Chin, who helped transform the business from a perennial under-performer during a large part of Thiam’s tenure to a key profit contributor. In 2016, Chin was named chief executive of global markets and joined the bank’s executive board.
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