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It said the loss reflected a significant charge with respect to the US-based hedge fund matter in 1Q21 (first quarter), offsetting positive performance across wealth management and investment banking.
which collapsed after taking on too much risk.
Credit Suisse took a hit of 4.4 billion Swiss francs as a result, which it said on Thursday had significantly impacted first-quarter results.
In addition, investment bank CEO Brian Chin and chief risk and compliance officer, Lara Warner, both stepped down. The executive board decided to waive bonuses for the 2020 year, and also cut the proposed dividend.
Credit Suisse said Thursday that adjusted net revenue would have hit 7.4 billion Swiss francs excluding significant items if it hadn t been for the Archegos situation. This would have represented a 35% increase from a year ago.
Swiss banking giant Credit Suisse is under the scrutiny of regulators over massive losses from the bankruptcies of British financial firm Greensill and US hedge fund Archegos. Switzerland’s Financial Market Supervisory Authority (FINMA) on Thursday opened enforcement proceedings against the bank over the Archegos losses. The regulator is investigating whether there were deficiencies in risk management. FINMA has appointed an investigator to probe the matter at the bank. It is also exchanging information with counterparts in Britain and the United States. The bank was already in the crosshairs of Swiss regulators over its investments in Greensill, an opaque firm issuing short-term corporate loans that was forced to scrap four funds and declare insolvency in March. Last week FINMA ordered the bank to take additional temporary and precautionary measures to reduce risks and capital surcharges. Credit Suisse on Thursday reported a net loss of CHF252 million ($275 million) for the first qu