Two senior Credit Suisse executives are leaving the bank as it deals with the fallout from twin crises involving Archegos Capital and Greensill Capital.
Lara Warner, the group’s chief risk and compliance officer, and Brian Chin, head of the investment bank, are set to depart, according to people with knowledge of the moves. The bank could make the announcements as early as Tuesday morning.
Early estimates suggested Credit Suisse stands to lose up to $4bn from the collapse of its client Archegos, a family office run by former hedge fund manager Bill Hwang. The Swiss bank was one of several lenders that acted as prime broker to Hwang.
The Archegos losses follow the suspension last month of a series of supply-chain finance funds Credit Suisse offered to its clients that were run by Greensill Capital. Credit Suisse has calculated its clients could lose up to $3bn from those funds.
Both the Archegos and Greensill crises have raised questions over the risk management processes within the bank.
The Financial Times reported last month that Warner signed off a $140m bridging loan to Greensill after risk managers who raised concerns were overruled.
The prime brokerage division at the centre of the Archegos debacle sat within Chin’s investment bank. Chin’s departure was first reported by Bloomberg.
Credit Suisse declined to comment.