Business
How Credit Suisse rolled the dice on risk management – and lost – The Australian Financial Review
Senior executives pushed compliance to become ‘more commercial’ and dissenting voices were suppressed.
Accumulating giant exposures to single entities, especially low-grade ones, goes completely contrary to every principle of how to manage risk, says Benedict Roth, a former risk supervisor at the Bank of England.
In interviews with the Financial Times, six current and former Credit Suisse managers said the bank hollowed out risk expertise and trading acumen in favour of promoting salesmen and technocrats. Dissenting voices were suppressed.
There was a dulling of the senses, says a former executive….
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