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Credit Suisse Starts Probe of Collapsed Funds, Suspends Managers

  • Bank reached out to external firms to assist with its probe
  • Credit Suisse clients face losses after $10 billion frozen
Credit Suisse Group AG Branches Ahead Of Earning
Photographer: Stefan Wermuth/Bloomberg
Updated on

Credit Suisse Group AG started an internal probe into the collapse of a $10 billion group of supply chain finance funds and temporarily replaced three employees in its asset management unit who were tied to the strategy.

The Swiss lender has reached out to external firms to deal with regulators’ queries surrounding the collapse of the funds, which it ran with Australian financier Lex Greensill, people familiar with the matter said, asking for anonymity in discussing internal information.