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Credit Suisse Executives to Depart After Archegos Losses
This content was published on April 6, 2021 - 02:11
April 6, 2021 - 02:11
(Bloomberg) Credit Suisse Group AG is shaking up its executive ranks after the Zurich-based lender was hit hard by the collapse of Archegos Capital Management.
Investment bank chief Brian Chin is set to leave in an exit that may be announced as soon as Tuesday, according to people familiar with the matter, who asked not to be identified because the move hasn’t been made public. Chief Risk Officer Lara Warner is also departing, along with a number of business heads, although Chief Executive Officer Thomas Gottstein will be spared.
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ZURICH (dpa-AFX) - Credit Suisse sold about $2.3 billion worth of stocks tied to the Archegos Capital. The Zurich-based lender will change its executives after the bank was affected by the collapse of Archegos Capital Management, Bloomberg reported citing people familiar with the matter.
Archegos Capital Management is a family office capital management firm run by Bill Hwang.
Credit Suisse s investment-bank chief Brian Chin is set to leave, with his exit announced as soon as Tuesday, the report said.
The report also said Zurich-based lender is discussing replacing Chief Risk Officer Lara Warner while sparing Chief Executive Officer Thomas Gottstein as they tally Archegos-related losses.
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.
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