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Eric Varvel, chief executive of Credit Suisse who was a Greensill Capital-affiliated investment fund established this year, is considering leaving the Swiss bank, according to sources.
Varvel, a former Zurich lender who has close ties to Qatar’s Credit Suisse clients and shareholders, is the head of a Swiss bank in the US and chairman of his investment bank.
One of the reasons they can go out is inconsistency António Horta-Osório, The new Chair of Credit Suisse, in its approach and banking practices, one of the people said.
The The Financial Times reports this year Horta-Osório has taken on a number of leadership roles in Credit Suisse in what the insiders described as a seizure of power.
The lender also wants to announce a number of regional leadership positions on Friday, though this may not include news of Varvel’s departure, some individuals said.
The people asked not to be named because the talks were confidential and warned that there was no final decision made by Varvel or the bank. Credit Suisse declined to comment. Varvel did not respond to a request sent by email for comment.
Varvel kept a a powerful presence within Credit Suisse over the past decade, largely due to its close ties to Qatari owners and customers, several of whom were investors in the Greensill fund.
He was instrumental in bringing Qatari money to the world during the global financial crisis, according to a number of sources, and has been the head of Credit Suisse business in Qatar since 2009. Varvel was also in Jakarta during the Asian economic crisis in the late 1990s. .
Varvel previously led the Credit Suisse’s $ 500bn financial management unit, with the bank several times linked with Greensill. Credit Suisse provided access to Greensill loans that were sold to bank customers as security.
Greensill sued the government this year after his insurance company refused to repay $ 4.6bn of insurance on its loans. Credit Suisse stopped $ 10bn funds linked to Greensill in early March.
Varvel was an assistant Greensill financier established in 2017, a year after he was appointed as the head of Credit Suisse’s asset management business.
The money was directed at wealthy clients and promised “risky” bonds but with better returns than cash.
Two weeks after Greensill crashed in March, Varvel was removed as head of financial management in leadership reform, but retained some of his responsibilities in the company.
A Credit Suisse report reported its failures on Greensill it’s too late and it is not uncommon to be finalized in the face of the bank’s annual results in February.
According to people familiar with the matter, one of the findings was that employees at Credit Suisse had failed to pay close attention to what Greensill’s investments were and had come to rely heavily on the financial company.
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