Thomas Gottstein, CEO of Credit Suisse.
Arnd Wiegmann/Reuters; Skye Gould/Insider
Bankers, traders, and other employees are departing Credit Suisse in droves in recent months. People are defecting to firms like Jefferies, JPMorgan, Citigroup, and Bank of America. Credit Suisse has been rocked this year by the implosions of Greensill and Archegos. See more stories on Insider’s business page.
Nearly 50 senior employees have parted ways with Credit Suisse during recent months, according to hiring announcements by other banks, a review of reported exits, and people familiar with the moves.
The Swiss bank has been embroiled in a string of problems over the last two years, starting with a 2019 spying scandal involving its then-chief operating officer keeping tabs on rival UBS, which was followed by the resignation of its CEO four months later. Credit Suisse has also taken hits when accounting scandals rocked then-clients Luckin Coffee and Wirecard, and when it took a $450 million writedown on its stake in hedge fund York Capital.
The bank in February froze $10 billion of supply-chain finance funds linked to Greensill Capital over valuation concerns. The ordeal led the bank