The Swiss bank is reportedly taking advice from a veteran risk manager who restructured its business with hedge funds under previous management.
Zurich-based Credit Suisse is hiring Indrajit Bardhan (pictured below) as a consultant following its $4.7 billion loss on dealings with Archegos, «Bloomberg» reported, citing unnamed sources. Bardhan ran the unit, including reducing its balances sheet and use of regulatory capital significantly, until the Swiss bank reportedly let him go in 2018.
The hire is the latest personnel decision by CEO Thomas Gottstein following the Archegos loss, which has led to the exits of prime brokerage chief Paul Galietto, the unit's risk chief Parshu Shah, and top risk manager Lara Warner as well as investment bank head Brian Chin.
Separately, the Swiss bank is expanding the remit of its head of equities in Asia, Neil Hosie, to include the wider European, Middle East, and African region, according to the newswire. Hosie, who will relocate to London from Hong Kong as a result of the move, replaces Ryan Nelson, who stepped down in the wake of Archegos last month.
