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  • Credit Suisse announced Friday that one of its board members would step aside after shareholders called for his head following major losses linked to the collapses of the Archegos and Greensill financial firms. The Swiss bank said in a brief statement that Andreas Gottschling, the head of the board's risk committee, would not seek re-election at a general assembly later on Friday. Credit Suisse has been hit hard by bankruptcies at Archegos, a US hedge fund, and British financial firm Greensill. Shockwaves rippled through global financial markets and institutions last month when then little-known Archegos sold at least $20 billion in stocks as it sought to cover obligations to its lenders. Losses at leading global banks have jumped past $10 billion, with Credit Suisse accounting for around half of the damage. Credit Suisse had also invested heavily in Greensill, a firm specialised in short-term corporate loans via a complex and opaque business model, and was forced to suspend four funds after the firm declared insolvency last month. One of Switzerland's top shareholders associations, Actares, had opposed Gottschling's re-election to the risk committee. The US firm Glass Lewis, which advises investors, had also urged Credit Suisse shareholders to vote against Gottschling's re-election, saying a change would help restore investor confidence. noo/lth/spm
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  • Credit Suisse board member quits after financial fiascos
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