The reputation of Swiss banking has taken a battering for years and the hits keep coming,with a fresh slew of stories about Credit Suisse’s links with unsavoury clients.
It was already taken for granted that 2022 would be a year of fixing things at Credit Suisse. But the mountain might be steeper than first thought.
The banker tasked with fixing Credit Suisse was ousted just nine months into the job for breaching COVID quarantine rules,throwing the Swiss financial giant into fresh turmoil as it struggles to emerge from a series of scandals.
The investment bank’s chairman Antonio Horta-Osorio attended the Wimbledon tennis finals in July during a visit to Britain when the country’s COVID-19 rules required him to be in quarantine,sources told Reuters.
The widespread and enduring failings in Credit Suisse’s risk management exposed by the Archegos scandal have been laid out in all their gory detail
The Swiss lender has been swerving from one disaster to the next at rapid speed and a man adept at handling a crisis is trying to grab hold of the wheel.
The steel tycoon and the Swiss bank say they are confident of reaching an agreement that would see the bank repaid in full for its Greensill debt.
The Swiss banking giant has moved to contain the fallout from two of the worst hits in its recent history with a surprise capital increase and a sweeping overhaul of its business with hedge funds.
Credit Suisse has been embroiled in a series of financial disasters that could have been avoided had it learned from its compatriot,UBS.
Analysts and investors are trying to figure out the final losses to banks exposed to the Archegos implosion,with the task made harder by the opaque nature of the leveraged trading involved.
There’s no mystery about why a collection of the world’s larger and important banks lined up to provide so much funding and leverage to a character with Bill Hwang’s history.