Separately, Credit Suisse announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1. In a research note, the global investment manager said Gold remains vulnerable to a rise in US Treasury yields and a rebound in the US dollar. Credit Suisse Group has announced a shake-up of its upper executive level following the consecutive disasters it absorbed from the collapse of the Archegos Capital Management hedge fund and the freezing of $10 billion in investment funds connected to Greensill Capital, a failed British-based supply chain finance firm. Your email address will not be published. Credit Suisse’s chief risk and compliance officer has stepped down from her role and left the company following the bank’s loss of an estimated $4.7 billion due to the meltdown of hedge fund Archegos Capital Management. Grotzer was general counsel and a member of the executive board of Credit Suisse since 2016. Cautionary statement regarding forward-looking information. +41 844 33 88 44 The information we post on these social media accounts is not a part of this document. other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing. Industry Dive, Inc. (c) 2021, All rights reserved, 1255 23rd Street, NW, Suite 550, Washington, DC 20037. Prior to that he served as CEO of UBS Asset Management from 2014 to 2019. A Change Of Players: The Swiss-headquartered lender said Brian Chin, CEO of its investment bank, will resign from the executive board on April 30 while Lara Warner, chief risk and compliance officer, is stepping down effective Tuesday. Save money by making payments and carrying out securities transactions via Online & Mobile Banking. It is understood Frey joined the Swiss group at the start of March, which also saw him succeed Christian Schmid on the $1.48bn CS (Lux) Environmental Impact Equity fund.. Frey had spent almost five years with the Dutch group, which he … When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in I – Information on the company in our Annual Report 2020. Subsequent to the announcements regarding the Credit Suisse Asset Management (CSAM) managed supply chain finance funds, the Board of Directors of Credit Suisse Group AG today announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1, 2021. We use cookies to optimize your experience on our website and for analytics and advertising purposes. Both Chin and Warner are also leaving the bank. This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. Media Relations Credit Suisse AG Any reference to past performance is not necessarily a guide to the future. Separately, Credit Suisse announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1. Financial Woes: Credit Suisse also announced investigations would be conducted into the Credit Suisse asset-management-managed supply chain finance funds and the Archegos collapse, which cost the company $4.7 billion. Details about any replacement were not immediately available. Information referenced in this document, whether via website links or otherwise, is not incorporated into this document. Visit your regional site for more relevant services, products and events. Credit Suisse is scheduled to release its first-quarter 2021 earnings report on April 22. Credit Suisse’s U.S.-listed shares were down 0.3% premarket at $10.84. We caution you that a number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions expressed in such forward-looking statements and that the COVID-19 pandemic creates significantly greater uncertainty about forward-looking statements in addition to the factors that generally affect our business. Credit Suisse is set to experience significant losses in its first quarter results, following a US-based hedge fund defaulting on margin calls made last week. He was most recently serving as Senior Advisor to the CEO of UBS Group from 2019 to 2020. Warner is being replaced in her job and on the executive board with the interim appointment of Joachim Oechslin, who previously held both positions from 2014 to 2019 before becoming a senior adviser and chief of staff to the CEO of Credit Suisse Group. Late Monday, Bloomberg cited an anonymous source in reporting Credit Suisse Group sold roughly $2.3 billion in stocks tied to the Archegos debacle. Your email address will not be published. Copyright © 1997 - 2021 CREDIT SUISSE GROUP AG and/or its affiliates. Thomas Gottstein, Credit Suisse chief executive, has shown his hand. Feb. 10, 2021 Dana Introduces New Heavy-Duty Drivetrain for Rough-Terrain Cranes, Terminal Tractors. Such forward-looking statements may include, without limitation, statements relating to the following: Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Philipp Wehle will continue to lead the International Wealth Management division as a member of the Executive Board. Credit Suisse’s prime brokerage unit in Dublin was not involved in the group’s trades with US hedge fund Archegos Capital Management, ... PTSB announces appointment of two new directors With his excellent track record at Credit Suisse and UBS, where he developed and successfully executed the asset management growth strategy, Ueli is excellently positioned to lead our new Asset Management division going forward.”, Thomas Gottstein, Group CEO, stated: “Ulrich Körner is an excellent addition to our leadership team, reinforcing its values and performance culture. Mr. Korner's appointment means he rejoins Credit Suisse — he was CEO Switzerland between … Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. You are about to change the origin location from where you are visiting credit-suisse.com. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. The current Global Head Asset Management, Eric Varvel, will work alongside Ulrich Körner in the coming months to facilitate the transition, and will then focus on his other roles as CEO Credit Suisse Holdings (USA) and Chairman of the Investment Bank. Credit Suisse will give more junior members of its capital markets and deal businesses a $20,000 "lifestyle" allowance as it tries to maintain morale among staff feeling the strain from heavy workloads and remote working. This story originally appeared on Benzinga. Körner’s new role will begin 1st April 2021, when he will also begin duties as a member of the Group’s Executive Board, reporting directly to Group CEO Thomas Gottstein. Credit Suisse was a key source of funding for the speciality finance firm, selling securities created by Greensill to investors via its asset management arm. Investors and others should note that we announce important company information (including quarterly earnings releases and financial reports as well as our annual sustainability report) to the investing public using press releases, SEC and Swiss ad hoc filings, our website and public conference calls and webcasts. The investigations will be conducted by external parties supervised by a board-appointed special committee. our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and. Financial Woes: Credit Suisse also announced investigations would be conducted into the Credit Suisse asset-management-managed supply chain finance funds and the Archegos collapse, which cost the company $4.7 billion. Credit Suisse Group AG’s Board of Directors has announced the appointment of Ulrich Körner as CEO Asset Management. media.relations@credit-suisse.com. All rights reserved. These factors include: We caution you that the foregoing list of important factors is not exclusive. Subsequent to the announcements regarding the Credit Suisse Asset Management (CSAM) managed supply chain finance funds, the Board of Directors of Credit Suisse Group AG today announced the appointment of Ulrich Körner as CEO Asset Management and a member of the Executive Board of Credit Suisse Group, effective April 1, 2021. Dana Incorporated (NYSE: DAN) today introduced a new drivetrain for rough-terrain cranes with lift capacities from 83 to 110 tons (75 to 100 tonnes) and terminal tractors. Credit Suisse employs approximately 48,770 people. The supply chain financier began to unravel last week after losing insurance coverage for its debt repackaging business, prompting Credit Suisse to freeze funds linked to it. Benzinga does not provide investment advice. The bank offered block trades tied to ViacomCBS, Vipshop Holdings, and Farfetch. Credit Suisse is expected to try to retain a stake in any deal involving the business, which could also be spun out and listed in Zurich, the sources said. The Swiss bank announced Tuesday that … As a result of the losses, Credit Suisse announced it will reduce its dividend and suspend planned share buybacks. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. After sitting on the sidelines, observing a succession of large losses mostly gestated by his predecessor, Gottstein has finally dispensed with two of the people he previously favoured: head of the investment bank Brian Chin, and head of risk and compliance Lara Warner. We may share or retweet such messages through certain of our regional accounts, including through Twitter at @csschweiz (https://twitter.com/csschweiz) and @csapac (https://twitter.com/csapac). This document contains statements that constitute forward-looking statements. Stress among junior bankers has come into focus after a survey by 13 Goldman Sachs first year analysts highlighting their 95 hour working week went viral. I am very much looking forward to working with Ueli on the Executive Board and I am confident that he can greatly contribute to the work to be done in the current situation and will lead the new Asset Management division to future success.”. “The significant loss in our prime services business relating to the failure of a U.S.-based hedge fund is unacceptable,” Thomas Gottstein, CEO of Credit Suisse Group, said in a statement.
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