- 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.
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
