- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-27T19:48:00
Credit Suisse announced sweeping changes to its strategy and leadership in an attempt to pivot from risky, failed investment ventures and back toward its historic specialty of wealth management.
The Swiss bank plans to restructure over the next three years, including selling off a portion of its investment banking business to Apollo Global Management and shrinking its employee headcount by 2,700 (5 percent) in 2023 and by 9,000 by 2025.
Credit Suisse also said it plans to revive a brand it had mothballed in 2006, CS First Boston, which will be an independent investment bank that will take over what had been Credit Suisse investment bank’s capital markets and advisory activities.
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Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
