Credit Suisse has terminated the managers involved in running a $10 billion fund strategy that invested in assets sourced by the now-defunct Greensill Capital.
The Zurich-based bank dismissed former head of asset management in Switzerland and EMEA Michel Degen, head of fixed income Luc Mathys, and portfolio manager Lukas Haas, according to a person familiar with the matter.
The decision came after initial findings from an investigation into the collapse of the funds were shared with the bank's board of directors, the person said, asking for anonymity because the information is private.
Credit Suisse had placed Messrs. Degen, Mathys and Haas on leave in March and halted bonuses for senior managers after freezing redemptions from the funds because of uncertainty over valuations.
The lender still hasn't been able to liquidate all of the assets, leaving fund investors waiting for more than $3 billion of their money almost a year.
"Based on preliminary findings of the investigation which have been shared with regulators, Credit Suisse has taken action with regards to various individuals," Simone Meier, spokeswoman for the bank, said in an emailed statement. "These actions include termination of employment and severe monetary penalties via compensation adjustments. External investigations are still ongoing."
The bank declined to comment on the individuals as well as the timing or contents of the publication of a report into the Greensill matter.
The publication of those findings is complicated because the bank is still attempting to recover investors' money and any in-depth report could have legal ramifications for the bank, people familiar with the matter said. Credit Suisse has so far repaid $6.7 billion and signaled this month that the rest of the money will take longer to recoup.
On Monday, former asset management head Eric Varvel announced he was leaving the bank after three decades. He had already given up much of his remit in March when the bank was forced to freeze and wind down the Greensill-linked funds.
Mr. Varvel was replaced by Ulrich Koerner. The bank had previously replaced Mr. Degen with Filippo Rima and appointed Alexandre Bouchardy interim head of fixed income in Switzerland and EMEA.
The payout and vesting of variable compensation for a number of senior employees involved in Greensill — including on the executive board — was put on hold in March so the bank could look into reclaiming some of that.
Credit Suisse has already reclaimed about $70 million in pay, including bonus clawbacks, and punished 23 people for their role in the Archegos Capital Management scandal, which cost the bank $5.5 billion. In August, it published an in-depth report prepared into the Archegos matter that resulted in the ousting of nine executives.