The accident-prone bank has certainly done a lot of damage to the reputation of Swiss bankers in the last few weeks. Swiss cheese has become a metaphor for the bank’s balance sheet.
The walking disaster area that is is intending to recompense more investors burnt by the Swiss banks exposure to belly-up Greensill Capital.
News agency Reuters reports that the bank closed around US$10bn of funds that had bought notes from Greensill Capital, the supply chain financing outfit.
Some US$3.1bn of this has been repaid to customers while US$1.5bn in cash was in the funds as of March 29.
Over time, we expect the majority part of the funds investments to be recovered in the liquidation process, and we have recourse to other measures should they be…
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