London/Frankfurt/Sydney | Germany’s financial watchdog has taken direct oversight of day-to-day operations at Greensill Bank, as the lender’s ailing parent company warned that its loss of $US4.6 billion ($5.9 billion) of credit insurance could cause a wave of defaults and 50,000 job losses.
BaFin appointed a special representative to oversee Greensill Bank’s activities in recent weeks, according to three people familiar with the matter, as concern mounted about the state of the lender’s balance sheet.
