Credit Suisse Group AG’s (NYSE: CS) asset management unit has told investors that it is paying out an additional $750 million to investors in the Greensill-related supply chain finance capital.
Credit Suisse paying investors additional funds recovered from Greensill collapse
So far, the company had recovered $5.1 billion out of $10 billion in cash-backed Greensil Capital supply chain firm, which is insolvent. The amount is a slight increase from the $5.9 billion recovered through May. The company has scheduled the new payment for July 5, and this will bring the total amount so far paid to investors in liquidation proceeds to around $5.6 billion.
In a note, Credit Suisse said that they expect to pay investors further liquidation proceeds as soon as possible in future installments. However, the bank said that it cannot provide exact timing on the next payouts for now.
Credit Suisse announces leadership reorganization
Credit Suisse has appointed Goldman Sachs’s Joanne Hannaford as the chief technology and operations officer effective January 1. In addition, the Swiss bank said that current COO James Walker would take a role in the US.
Hannaford has held various senior positions at Goldman Sachs Engineer in New York and London, including co-heading the Enterprise platforms and leading resiliency globally. She will join the bank’s executive board, said the bank in a statement. On the other hand, Walker, who has been the COO since 2019, will be the deputy CEO of the bank’s US holdings.
The leadership reorganization is the company’s latest change as it navigates through crises involving Archegos investment fund’s collapse and suspension of funds associated with the collapse of Greensill’s finance supply chain. As a result, the bank has suffered enormous losses and has seen its share price decline.