瑞信在4月份关闭了其持有Greensill债券的100亿美元供应链金融基金，到目前为止，该基金投资者仍在等待超过30亿美元的偿还。该公司已经对其资产管理部门进行了整顿、更换了该部门主管Eric Varvel及将该业务从财富管理业务的直接监督中移除，以缓解外界对其质疑。包括风险和合规主管Lara Warner在内的高管已经离职，而首席执行官（Thomas Gottstein仍保留了他的职位。Credit Suisse(CS.US) delayed the release of the findings of a report on the bankruptcy of its Greensill Capital-related supply chain financial fund.
The bank initially hoped to release key findings along with third-quarter results, but executives focused on the impact on their ability to recover money from fund investors, so it will now take longer, according to people familiar with the matter.
The risks facing Credit Suisse have been rising after police raided Credit Suisse's offices, according to media reports earlier Monday. Although banks, current or former employees are not the subject of investigation, prosecutors may name more people or companies as the investigation continues.
Credit Suisse closed its $10 billion supply chain finance fund, which holds Greensill bonds, in April, and investors in the fund are still waiting for more than $3 billion to be repaid. The company has overhauled its asset management division, replaced its head Eric Varvel and removed the business from direct supervision of its wealth management business to allay doubts. Senior executives, including Lara Warner, head of risk and compliance, have left, while chief executive (Thomas Gottstein) retains his job.
The board recently discussed a draft of the Greensill report, which showed that many of the findings were similar to those in Credit Suisse's handling of the Archer Capital bankruptcy, according to people familiar with the matter.
It is understood that Greensill was established in 2011, specializing in supply chain financing, which is a form of financing for short-term cash advances that allows companies to extend the time it takes to pay their accounts. Greensill packages these cash advances into bond-like securities, which bring higher returns to investors than from bank deposits. But as the strategy developed, the route began to deviate: most of the money was lent through Greensill Capital to expected future invoices, which are entirely projected future sales. The business collapsed quickly after Greensill lost trade credit insurance on many of the notes of less creditworthy borrowers.
Credit Suisse is still struggling to recover $2.7 billion in overdue loans. Most of the problems lie in borrowers Katerra Inc., Sanjeev Gupta's GFG Alliance Ltd. And Bluestone Resources Inc. All three companies are currently restructuring, and the bank says it needs more time to assess how much investor money can be recovered.
