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CS-Board: Highnoon Greensill – Inside Paradeplatz

Today, Credit Suisse elects two new supervisors at an extraordinary general meeting: UBS page changer Axel Lehmann and Lloyds banker Juan Columbus.

The latter is the president’s man, Antonio Horta Osorio. He made his way to the top via English Lloyds, where he was CEO until recently.

Now Horta has to save CS. On the weekend, he wants to tackle the next big pending issue.

At the board meeting at Paradeplatz tomorrow Saturday, Horta will present the Greensill report to colleagues on the bank’s highest committee.

This comes from the Registry of highly paid outside lawyers and is considered one of the most important bank documents in the recent past.

Emperor Horta, King Gotstein (IP)

Billions can count on the report. This amount of loss is up for debate – both for CS and its wealthy clients.

They are defending themselves against the writer with the Australian Lex Greensill Supply Chain Fund, which has been heartily recommended by CS Asset Management.

Now they are suing for damages, CS resists. In the Greensell report, which will be published next week or the week after tomorrow’s meeting, CS makes his point.

What is our fault, who is responsible internally for it, and what do customers blame themselves for?

First, the Grencelle Report became a matter of existence: Thomas Gottstein. After taking office, the Swiss CEO quickly contacted Alexander “Lex” Grensell.

He was considered the largest customer of the bank. “CS will not let you down,” Gottstein Greensill wrote at the beginning of March 2020. In the fall, the bank granted Greensell a three-figure million loan with the goal of bringing his company to the stock exchange.

A few months later, on March 1, 2021, the magic ended. CS had to pull the plug on several Greensill cars after the funds no longer had the default protection from insurance companies.

Gottstein shines in various places in the Grencelle case. However, President Horta Osorio recently publicly expressed his confidence in him.

This means that the Grensell report does not see Gottstein as the culprit. Horta’s VR fellows will probably rock this one tomorrow. It remains to be seen how the bank’s audience and customers will react.