The Swiss bank's former asset management chief is reportedly negotiating his way out, after clashing with new Chairman António Horta-Osório.
Eric Varvel is in talks to leave Credit Suisse, the «Financial Times» (behind paywall) reported on Friday, citing unnamed sources. This is in large part due to disagreeing with overseerAntónio Horta-Osório's «style and strategy», the report added.
The report follows Varvel's demotion in March, after a $10.1 billion line of Greensill funds imploded in the asset management overseen by him. Varvel had touted the funds as a key part of the Swiss bank's offering in December, despite regulatory cautions.
Linchpin To Qatar
The American investment banker is a linchpin of Credit Suisse's relationship to Qatar, its largest shareholder. He is currently the chairman of investment banking, chairman of Qatar, and chief executive of the U.S. unit.
Credit Suisse on Monday named Christian Meissner as head of its Americas business, in a regional set-up it is introducing next month.
