Wall Street’s hottest investment trend is to score companies on environmental, social, and governance (ESG) criteria. Credit Suisse’s investors might have expected disastrous ESG scores given recent risk governance failures—but that hangs on which ratings agency is doing the rating. Depending on the agency, the bank achieves excellent, terrible, or indifferent ESG scores
The current CEO at Credit Suisse got the job after the last was forced out, following revelations that a former employee had been spied upon. Both had been tasked with rebuilding Credit Suisse after botched risk controls that led to heavy losses in connection with failed hedge fund Archegos and supply-chain financier Greensill Capital. The firm’s chairman has just been forced out—after being in the role for less than a year—due to his questionable use of company assets and breaching Covid-related protocols.
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