As Credit Suisse has all-but-admitted at this point, mess ups on the magnitude of the $5.5 billion hole blown into the bank’s bottom line by collapse family Archegos Capital Management require a whole host of people looking the other way. And the bank has determined that, indeed, former investment-banking chief Brian Chin did, indeed, have other things on his mind.
Credit Suisse determined that Mr. Chin had violated its code of conduct, including for mistreatment of women, some of the people said…. A woman called a Credit Suisse hotline in 2020 to report allegedly inappropriate and disrespectful conduct by Mr. Chin toward women years earlier, people familiar with the matter said….
One matter examined by the law firm was an event Mr. Chin hosted for Credit Suisse clients annually starting about a decade ago at a golf club in the Hamptons on New York’s Long Island, people familiar with the matter said.
The golf club didn’t allow women to eat in its main dining room. Some women who attended the events complained to Mr. Chin and Credit Suisse that the women were cordoned off in a porch area known as the Birdcage. Mr. Chin held at least one more event at the club after the complaints, the people said.
Of course, Credit Suisse couldn’t fire Chin for it, because it had already canned him over the Archegos stuff. Still, that doesn’t mean the internal review was hardly worth doing at all. Quite the contrary.
The infractions found by the bank were deemed serious enough to potentially warrant termination under an internal bank rating system, the people said… The conduct review’s findings were a factor in the bank’s decision to withhold roughly $18 million in compensation from Mr. Chin, people familiar with the matter said.
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