The head of Credit Suisses European asset management division and two other employees who worked on the banks Greensill Capital supplychain finance funds have temporarily stepped aside, according to an internal bank memo.

Credit Suisse froze 10 billion worth of funds last week that invested in securities created by the specialty finance firm. Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and Credit Suisse is in the process of liquidating the funds and returning cash to investors.

Michel Degen, head of asset management in Switzerland and the EMEA region, is being replaced in the interim by Filippo Rima, according to the memo sent to employees on Wednesday and seen by Reuters.

I have asked Filippo Rima to take on the role of adinterim Head of Asset Management Switzerland and EMEA manager, Eric Varvel, who runs asset management at the bank, said in the memo.

Reuters could not immediately reach Degen, Rima or Varvel for comment.

In addition to Degen, the memo said that Luc Mathys and Lukas Hass were also stepping aside.

For the time being, Michel Degen, Luc Mathys and Lukas Haas will not be performing their roles. I would like to thank Filippo and Alexandre for taking on these new responsibilities, Varvel said in the note.

I have also asked Alexandre Bouchardy to take on the role of adinterim Head of Fixed Income Switzerland and EMEA, he said in the note.

Reuters could not immediately reach Mathys…