Credit Suisse ousted asset management head Eric Varvel from his position and suspended bonuses for senior executives as the bank seeks to contain the widening fallout from the Greensill Capital scandal.
Mr Varvel is the highest-ranking executive so far to be removed over the Greensill funds and will be replaced by ex-UBS Group asset management head Ulrich Koerner. He will take over on April 1, when asset management will be split from international wealth management and run separately, the bank said on Thursday.
Credit Suisse is struggling to move on from the implosion of one-time billionaire Lex Greensill’s supply chain finance firm after the Swiss bank found itself at the centre of one of the biggest corporate failures in recent years.
The lender was forced to suspend funds it ran that invested in Greensill’s notes when it became apparent that it could no longer value them, kicking off a chain of events that culminated in the collapse of the financier’s business.
Credit Suisse's chief executive Thomas Gottstein, who already contended with a series of past missteps and losses in his first year, is facing questions about controls and risk management, not least because he ordered a review of the funds just last year that subsequently failed to prevent their collapse. The Swiss bank is also dealing with how the funds were marketed to investors and how much, ultimately, they will get back.
Certain notes underlying the funds will not be repaid when they fall due and there’s “considerable uncertainty” regarding the valuation of a significant part of the remaining assets, the bank said on Thursday. Credit Suisse has paid out about $3.1 billion so far to investors and has said it has an additional $1.3bn in cash across the four funds.
Mr Varvel will work alongside Mr Koerner in the coming months and then focus on his other roles as chief executive of Credit Suisse Holdings (US) and chairman of the investment bank. His stepping aside – and the move to separate asset management from wealth – caps two frenzied weeks in which Credit Suisse also launched an internal probe into the collapse, brought in outside help to deal with regulators’ queries and sought to calm investors by returning cash portions of the funds and replacing lower-ranking managers.
Mr Gottstein, speaking at a Morgan Stanley conference on Tuesday, said that having asset management as a sub-division of the much larger business catering to wealth and high net-worth individuals is “something that I always had some doubts about”.
As it considers the fallout, the bank said it is suspending the bonuses of some top managers.
Mr Varvel has been with Credit Suisse for nearly three decades, and run the Swiss bank’s asset management arm since 2016. The business developed “extremely well” between 2015 and 2019 in terms of assets and profit under his leadership, Mr Gottstein said in September, when the bank announced that it was reviewing the business’ strategy.
The unit had grown its assets by almost 40 per cent from the end of 2014. It pursued a “barbell strategy” of focusing on alternative investments such as private debt, private equity and real estate on the one hand, and cheaper, passive instruments on the other. With $476bn under management now, it remains on the small side in an industry that’s facing pressure to consolidate.
Despite good performance, the unit has been in the spotlight for the wrong reasons. The unit saw a 10 per cent reduction in head count last year as it began to dismiss employees in its alternative asset management business after several of the strategies struggled to perform in the volatility caused by the Covid-10 pandemic.
Questions still remain surrounding the bank’s decision to increase its exposure to Greensill by providing a $140 million bridge loan to the billionaire-financier last fall and whether chief risk officer Lara Warner played a key role.
The bank has said she only learned of Greensill’s problems securing insurance cover for its supply chain finance loans on February 22, about a week before Credit Suisse gated the funds.
BELGIUM%20SQUAD
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PRISCILLA
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LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
The specs
Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Scores in brief:
Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).
UAE currency: the story behind the money in your pockets
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
More on animal trafficking
UAE currency: the story behind the money in your pockets
More from Aya Iskandarani
SOUTH%20KOREA%20SQUAD
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Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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THE%20SPECS
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How%20to%20avoid%20getting%20scammed
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How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Company%20profile
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
