Sunday, January 29, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Biz Plus

Credit Suisse director quits after financial catastrophes

AFPbyAFP
April 30, 2021, 7:40 pm
in Biz Plus
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

Zurich, Switzerland—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.

ADVERTISEMENT

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 specialized 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.

Actares called on Credit Suisse to change its corporate strategy and culture in the wake of the financial fiascos.

“The example of the Greensill case shows that Credit Suisse apparently hasn’t learned to manage complex risks for such an important client,” it said in a statement earlier this month.

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. 

Credit Suisse reported a net loss of 252 million Swiss francs ($275 million, 229 million euros) in the first quarter and said it would issue new shares to reinforce its capital base.

The bank has said it would lose a total of 5.0 billion Swiss francs ($5.5 billion) to cover damage related to Archegos across the first and second quarters.

Swiss rival UBS was also hit, but not as badly as Credit Suisse, booking losses of $774 million related to Archegos.

Japan’s Nomura, meanwhile, said last week it faced losses of almost $3 billion.

US family-owned hedge fund Archegos, run by former Tiger Asia director Bill Hwang, had taken huge bets on a few stocks with money borrowed from banks.

When several of those bets turned sour, the fund was unable to meet “margin calls”—when the banks demand extra cash or assets to cover losses in a brokerage account.

Greensill’s Australian parent company, meanwhile, entered liquidation this month.

The company   had filed for bankruptcy last month for its operations in Britain, and also in Australia where its parent group is based and in Germany where it has a banking arm.

Greensill’s implosion threatens about 50,000 jobs at companies that relied on its supply chain financing, including the steel empire of Indian-British billionaire Sanjeev Gupta. 

Tags: Andreas GottschlingArchegosCredit SuisseGlass LewisGreensill
ADVERTISEMENT
AFP

AFP

Related Posts

Handicraft exporter creates unique products

byManila Standard
January 28, 2023, 6:40 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

Having her own export business is a dream project for Joam Basalo. It took her a decade and a half...

Read more

Business reality show host talks of business pitches in a new book

byManila Standard
January 28, 2023, 6:30 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

Learn the tips and hacks for making compelling business pitches and winning big-ticket investors as John Aguilar, serial entrepreneur and...

Read more

Filipinos spent 75,305 hours in using financial apps last year

byManila Standard
January 28, 2023, 6:20 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

Over 2 million active users in the Philippines have spent a total of 75,305 hours, or an equivalent of 9...

Read more

Crosta Pizzeria co-owner shares her brand of leadership

byManila Standard
January 28, 2023, 6:00 pm
0
8
Crosta Pizzeria co-owner shares her brand of leadership

To hold nothing back is to be empowered to take on challenges that will surface as you follow your ultimate...

Read more

Pag-IBIG financed 18,657 socialized homes for low-wage earners in 2022

byManila Standard
January 27, 2023, 9:05 pm
0
8
Pag-IBIG Fund releases record P44b in home  loans in H1 ‘21

Pag-IBIG Fund financed 18,657 homes for low-income and minimum-wage earners in 2022, top executives said Friday. Socialized homes represented 18...

Read more

Hive ransomware: Modern, efficient business model

byAFP
January 27, 2023, 8:20 pm
0
8
Hive ransomware: Modern, efficient business model

by Paul Handley WASHINGTON—The US Justice Department’s shutdown Thursday of the Hive ransomware operation —which extorted some $100 million from...

Read more

Print Edition

View More

Recent Posts

  • Army Navy supports Club200 Endurance Race
  • Sneakers for Makati : AB4.0
  • DOJ: We won’t yield to ICC
  • PBBM raises 7 priority bills in talk with Congress leaders
  • US Defense chief sets PH trip next week
  • Gov’t eyes link of BI officials to jailed Japanese mob boss
  • Angel wings
  • Low pay keeps guidance counselors from school

Advertisement

Latest News

Gov’t eyes link of BI officials to jailed Japanese mob boss

byManila Standard
January 29, 2023, 1:00 am
0
8
Koreans top list of fugitive aliens captured by BI

The Department of Justice will investigate Immigration officials who may have been in cahoots with a Japanese national in running...

Read more

Angel wings

byManny Palmero
January 29, 2023, 12:53 am
0
8
Bad weather hampers search for Cessna plane

Visitors have fun having souvenir photos taken with huge angel wings at the backdrop at Tambaan Farm in Hilongos Leyte.

Read more

Low pay keeps guidance counselors from school

byManila Standard
January 29, 2023, 12:50 am
0
8
Sexual offense victims urged to sue 7 teachers

The Department of Education on Saturday admitted there is a scarcity of guidance counselors to attend to the psychosocial needs...

Read more

Biker’s haven

byDanny Pata
January 29, 2023, 12:48 am
0
8
Bad weather hampers search for Cessna plane

Bikers can take their routine round and at the same time enjoy the scenic view at the Lakeshore in Taguig...

Read more

Onions at low P170/kilo as imports boost supply

byManila Standard
January 29, 2023, 12:40 am
0
8
Airport mess trigger: Faulty circuit breaker

The prevailing retail prices of onions have dropped to as low as P170 per kilo for the loc white variety...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App