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The management of Switzerland's Credit Suisse Group AG may be replacing Chief Risk Officer Lara Warner !



The management of Swiss financial conglomerate Credit Suisse Group AG is considering the possibility of replacing Chief Risk Officer Lara Warner in connection with a series of management decisions that could lead to multibillion losses.

At issue is the collapse of Greensill Capital and Archegos Capital. The $140 million secured loan that Credit Suisse gave to financier Lex Greensill's firm has been declared in default. The Swiss conglomerate, along with Greensill Capital, managed a $10 billion group of funds that is now being liquidated.

The collapse of stock investor Bill Hwang's Archegos Capital was linked to the
hedge fund's opaque transactions that forced it to sell off its assets urgently in late March. Archegos' margin call brought down the quotations of several technology giants (ViacomCBS, Discovery, Baidu, Tencent Music) and led to losses of several of its brokers - Credit Suisse, Nomura, Goldman Sachs and Morgan Stanley.

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