«Credit Suisse» Bank will Replace Two Top Managers and Cut It's Dividends
OREANDA-NEWS. Swiss bank «Credit Suisse Group AG» announced the change of two top managers, as well as a reduction in the amount of dividend payments. The head of the investment division, Brian Chin, will leave the bank on April 30. He will be replaced the next day by Christian Meissner, who has been vice chairman of investment banking since October, «Credit Suisse» said in a statement.
In addition, Chief Risk and Compliance Officer Lara Warner will step down from this position on April 6. Joachim Ohslin will serve as Interim Director of Risk Management, while Thomas Grotzer, General Counsel, will lead compliance.
The bank also said, that the dividend will be paid in the amount of 0.1 Swiss francs, compared with 0.29 francs previously. The personnel changes are due to bank's losses related to the American fund «Archegos Capital Management» and the British «Greensill Capital».
At the end of March, «Archegos» failed to meet the margin requirements of «Credit Suisse», which played the role of the fund's prime broker. A few weeks earlier, «Greensill Capital», which specializes in reverse factoring, declared bankruptcy. «Credit Suisse» froze $10 billion in funds linked to «Greensill» in early March.