Under the direction of its new CEO Thomas Gottstein, the big bank set the so-called recovery special department on Greensill and its outstanding debts in the summer of 2020, says a source.
If this is true, then it would mean that after a review of several weeks, the CS leadership would have come to the conclusion that Greensill and its funds could lead to major defaults.
The highest management would have been aware of the risks around Greensill at an early stage. A CS spokeswoman denied this early this morning. Nor did she want to know that there would be a change in CEO soon.
Such is emerging, said the source. Members of the board of directors would also consider resigning from their offices.
It would be a disaster. In such a case, the CS crisis would worsen even further.
Another source speaks of around 2 billion losses from the closed Greensill funds, which the bank and customers will “fight” over. The financier of the same name could be a fraudster, and a criminal investigation is ongoing in Germany.
The boards of directors of CS are under great tension. At Paradeplatz it is said that they tried to protect themselves with lawyers.
The major shareholders of Credit Suisse will be decisive. These apparently put pressure on the board of directors under Urs Rohner, who is still president. The Swiss resign at the General Assembly in one month after 10 years of office.
The previous “protection” by the long-term shareholders from Qatar and Saudi Arabia no longer exists, according to one interlocutor. Now the powerful overseas investors would have the say.
Above all Blackrock, the world’s largest asset manager, whose Aladdin system is implanted in CS Asset Management, and of course Harris Associates.
Their investment boss David Herro took Rohner into prayer around the Spy affair. Herro tried everything to keep Tidjane Thiam in the CEO chair. In the end, he agreed that Gottstein would take over the job.
But only grudgingly. Now, according to an observer, Herro sees his skepticism confirmed. The Swissies “fucked this one up” is what Harris and Blackrock say.
The interlocutor expects a quick head roll. Gottstein could not hold out, Rohner’s successor, the Portuguese Antonio Horta brought from the English Llyods Bank, would bring a new boss from abroad. Investment banking experience is essential for this.
For the almost 50,000 employees, there is uncertainty about their own future. Asset management is likely to be sold – it remains to be seen whether Blackrock is interested. How things will go on with the rest is written in the stars.