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On Friday, Rafael Lopez Lorenzo walked through the front doors and settled down at his new desk in what we assume must be a fairly nice office, perhaps even one with a distant view over Lake Zürich to which he could take in moments of particular stress or difficulty. And there promised to be many of those, as Lopez Lorenzo is the new chief compliance officer at Credit Suisse, whose previous efforts at compliance could broadly be described as “noncompliant.” Surely, there would be rough days ahead.

Still, even in his worst nightmares, Lopez Lorenzo probably didn’t guess that one of the roughest of those days might well be the first.

Swiss police raided Credit Suisse Group AG offices last week, the bank said, as part of an investigation into collapsed finance firm Greensill Capital…. Swiss newspaper NZZ am Sonntag earlier reported the raids on Credit Suisse’s offices, saying they were part of an investigation by Zurich’s public prosecutor into Greensill. The newspaper said Switzerland’s economic affairs department filed a criminal complaint alleging unfair competition violations related to Greensill.

Huh, that certainly sounds an awful lot like what the U.S. Justice Department is looking into vis-à-vis Credit Suisse’s other recent multi-billion dollar disaster, that involving Archegos Capital Management, which is to say: noncompliance leading to further noncompliance (allegedly). Good luck, Rafael.

Swiss Police Raid Credit Suisse as Part of Greensill Investigation [WSJ]

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