Senior Credit Suisse executives over-ruled risk managers to approve a $160m loan to Greensill Capital, which the collapsing finance group now has “no conceivable way” to repay, according to people familiar with the matter.
Several people with direct knowledge of the loan said that it was initially rejected by London-based risk managers in the investment bank.
That decision was then overruled by senior executives at Credit Suisse, which had developed a lucrative multi-layered relationship with the financing firm and its Australian founder, Lex Greensill. Eventually Lara Warner, the bank’s chief risk and compliance officer, signed off on the loan in October, the people added.
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