(Bloomberg) -- Credit Suisse Group AG vowed to boost the business with rich clients and cut costs through simplifying technology as it seeks to emerge from two years of scandal and losses. Most Read from BloombergRussia Slips Into Historic Default as Sanctions Muddy Next StepsA $2 Trillion Free-Fall Rattles Crypto to the CoreMichael Burry of ‘The Big Short’ Fame Warns Fed May Alter CourseAnti-Abortion Centers Find Pregnant Teens Online, Then Save Their DataHyundai Quietly Climbs the EV Sales Cha
Credit Suisse has signed an agreement with the mining company owned by West Virginia governor Jim Justice to start recouping part of the $690mn that Bluestone Resources owes the Swiss bank’s clients. Bluestone borrowed heavily from Greensill Capital, the failed UK supply chain finance group that relied on some of Credit Suisse’s wealthiest clients for a significant chunk of its own funding.
Whenever Credit Suisse’s Zoltan Pozsar publishes research, the financial corners of Twitter will light up with comments on the latest from #Zoltan. Pozsar’s first brush with fame came in the wake of the financial crisis, when the young Hungarian economist became known as one of the leading taxonomists of “shadow banking”.