Credit Suisse will absorb a $4.7 billion writedown in the wake of the Archegos blow-up - and says several top executives are leaving
snagarajan@businessinsider.com (Shalini Nagarajan)
Credit Suisse disclosed a $4.7 billion hit on Tuesday after the Archegos Capital meltdown.
Investment bank CEO Brian Chin and risk boss Lara Warner are leaving the bank in April.
The European lender has proposed a dividend cut and waived bonuses for the 2020 financial year.
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The European lender sees an overall loss of $958 million for the first quarter after two significant crises this year. The Archegos blow-up led to major losses for the bank's unit that services hedge funds, according to media reports. Prior to that, Credit Suisse terminated $10 billion of supply-chain finance funds linked to troubled financier Lex Greensill.