Credit Suisse announced Thursday that Ulrich Körner will become the new CEO of its asset management business from April 1. He will replace Eric Varvel, who will continue as CEO of Credit Suisse Holdings and chairman of the investment bank.
Greensill, which fell into administration last week, claims on its website that it "unlocks finance so the world can put it to work" and in 2020, it issued over $143 billion in finance to over 10 million customers.invested around $1.5 billion, filed for administration after its insurance provider refused to renew $4.6 billion of insurance for its loans.
This funding offered exposure to Greensill loans and were marketed to the bank's clients as low-risk investments. Credit Suisse said that some investors had threatened to take legal action and warned that it could lose clients over the issue. "The payout and vesting of variable compensation of a number of senior employees involved in these matters, up to and including executive board members, has been suspended as a measure to ensure that we can reconsider the variable compensation for 2020 and are able to apply malus or clawback, if appropriate," the bank said Thursday in itsIt added: "The compensation committee is monitoring developments closely and will determine, based on investigation results, any appropriate...