The Swiss bank is pushing back its deadline on a highly anticipated report on its Greensill supply chain funds.
Credit Suisse will not present a report, looking into the bank’s failings around the collapse of its Greensill supply chain funds, at its third quarter earnings next month, according to the «Financial Times» (behind a paywall), citing sources.
The publication of the report, conducted by Deloitte and Swiss law firm Walder Wyss, has been delayed due to the ongoing investigation that led to a recent raid at its Zurich headquarters, the newspaper reports.
Two weeks ago, Swiss police confiscated documents at Credit Suisse offices related to the collapse of supply-chain lender Greensill Capital. Although the Swiss criminal investigation is not aimed at the bank, some senior bank executives are concerned that the investigation could expand, the newspaper writes.
March Crisis
The crisis blew into the open when Credit Suisse in March 2021 pulled the plug on a $10.1 billion line of supply chain funds managed by Greensill. The U.K. boutique subsequently went under, leaving the Swiss bank’s fund clients sitting on losses.
Since then, counting the bank’s recent fifth payment of $400 million in the week of Sept. 27, the total returned to investors so far amounts to $6.3 billion. Including cash, this brings the recovered funds to $7 billion, or 70 percent of assets at the time of the funds’ suspension. The funds were primarily sold to wealthy clients of Credit Suisse’s private bank.
