Credit Suisse has pledged to shake up its asset management business and suspend bonuses for several senior executives following the collapse of finance firm Greensill.

Credit Suisse announced on Thursday that Ulrich Korner will be the new CEO of its asset management business from April 1. He will replace Eric Varvel, who will serve as CEO of Credit Suisse Holdings and chairman of Investment Bank.

The Swiss investment bank Greensil is trying to control the losses caused by the collapse of a kind of supply chain finance business.

Greensil, which came under administration last week, claimed on its website that it “opens up funding that could be used worldwide” and that by 2020, it had issued $ 143 billion to more than one million customers.

The London-headquartered firm, in which Japan’s SoftBank invested around $1.5 billion, filed for administration after its insurance provider refused to renew $4.6 billion of insurance for its loans.

Credit Suisse had several links to Greensil with C 10 billion in funding. It said it was suspending funds associated with Greensil on March 2.
The fund offered exposure to Greensil loans and was marketed as a low-risk investment to the bank’s clients. Credit Suisse said some investors threatened to take legal action and warned that it could lose clients in the issue.