People moves: facing the funds fallout music, CS changes chairs, and more
Natasha Rega-Jones, 07 April 2021
Credit Suisse faces some tough choices as it absorbs the extraordinary losses inflicted by the Greensill and Archegos fund fiascos and subsequent ratings hit. On April 6, the firm announced an estimated pre-tax loss of approximately Sfr900 million ($963 million) for the first quarter, including a charge of Sfr4.4 billion ($4.7 billion) in respect of Archegos. At the same time, the firm announced that investment bank CEO Brian Chin and chief risk and compliance officer Lara Warner were stepping down from their roles with immediate effect.
Christian Meissner, co-head of wealth management banking advisory and vice-chair of investment banking, will replace Chin in May. Meissner was previously head of global corporate and investment banking at Bank of America Merrill Lynch, and earlier co-CEO for EMEA at Lehman Brothers. Continue reading “Article: People moves: facing the funds fallout music, CS changes chairs, and more”
Over the past few days, Bitcoin Cash has been recording significant price surges, appreciating by over 30 percent in value. Despite the impressive bull run, Bitcoin Cash recently experienced a price correction towards the $600 region. At present, multiple technical indicators are showing BCH could experience further price declines. 
XRP, the currency that runs on the digital payment platform RippleNet, hit $1 on Tuesday morning EDT, becoming the fourth highest-valued cryptocurrency with a $45.5 billion market cap despite being sued by the U.S. agency that works against market manipulation.
South Korea’s government has pledged to focus on illegal activities in crypto markets. 
A former Florida tax collector and close associate of Rep. Matt Gaetz (R-Fla.) is facing a 45-page federal indictment alleging wire fraud, sex trafficking, and a litany of other offenses connected to the alleged abuse of his office and other crimes. That former tax collector, Joel Greenberg, is suspected of being a possible cooperating witness against Gaetz, Politico and others have recently reported, as Gaetz faces a reported inquiry into his own sexual behavior. 
Investors engaged in naked short selling will be fined up to 100 percent of their order amount, the nation’s top financial regulator said Tuesday. 
XRP bulls are back!
The hits keep coming for investment banking giant Credit Suisse. 