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The firm will take a 4.4 billion franc ($4.7 billion) writedown tied to its Archegos exposure, forcing it to cut its dividend and suspend share buybacks. The company’s investment bank head and chief risk officer were among more than half a dozen executives replaced over the worst trading debacle in over a decade. While Credit Suisse was far from the only bank that allowed Bill Hwang’s family office to lever up large positions in a few stocks, others managed to unwind their exposure quickly with minimal damage. That raised questions over Chief Executive Officer Thomas Gottstein’s handle ...

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 ...

Credit Suisse unloads $2.3 billion of stocks tied to Archegos Capital SECTIONS Last Updated: Apr 06, 2021, 07:13 AM IST Share Synopsis The unwinding of Bill Hwang’s Archegos portfolio has turned into one of the biggest fund flameouts since Long-Term Capital Management’s demise in the 1990s. Reuters Related By Drew Singer, Sridhar Natarajan, Crystal Tse and Gillian Tan Credit Suisse Group AG unloaded about $2.3 billion worth of stocks tied to the Archegos Capital blowup more than a week after some rivals dumped their shares and skirted losses. The Swiss bank hit the market with block trade...

6 Min Read ZURICH (Reuters) -Credit Suisse said on Tuesday it will take a 4.4 billion Swiss franc ($4.7 billion) hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk division. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann The scandal-hit bank now expects to post a loss for the first quarter of around 900 million Swiss francs. It is also suspending its share buyback plans and cutting its dividend by two thirds. Switzerland’s No. ...

(Bloomberg) -- Credit Suisse Group AG unloaded about $2.3 billion worth of stocks tied to the Archegos Capital blowup more than a week after some rivals dumped their shares and skirted losses.The...