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Paradeplatz in Zürich (Picture: Keystone) Monday, 12 July 2021 07:13 Large Gaps in Swiss Risk Management Practice Risk management at Credit Suisse is in the spotlight after the twin Archegos and Greensill fiascos. But the fundamental reasons behind them could lie much deeper than the incidents themselves given the banking sector is reliant on questionable control practices. It has been almost a year since Credit Suisse restructured its internal control framework. At the time, this mostly had an impact on its second line of defense, as the bank indicated. Then chief risk officer  Lara Warne...

Operator Good morning. This is the conference operator. Welcome and thank you for joining Credit Suisse Group's First Quarter 2021 Results Conference call for Analysts and Investors. As a reminder, all participants are in a listen-only mode and the conference is recorded. You will have the opportunity to ask questions after the presentation. [Operator Instructions]. I will now turn the conference over to Kinner Lakhani, Head of Investor Relations and Group Strategy and Development. Please go ahead, Kinner. Kinner Lakhani -- Head of IR and Group Strategy and Development Thank you. Good mornin...

Risk.net Latest job changes across the industry Credit Suisse faces some tough choices as it absorbs the extraordinary losses inflicted by the Greensill and Archegos fund fiascos and subsequent ratings hit. On April 6, the firm announced an estimated pre-tax loss of approximately Sfr900 million ($963 million) for the first quarter, including a charge of Sfr4.4 billion ($4.7 billion) in respect of Archegos. At the same time, the firm announced that investment bank CEO Brian Chin and chief risk and compliance officer Lara Warner were stepping down from their roles with immediate effect.   Ch...

In an era of prosperity for investment banks, Credit Suisse Group AG is careening from one crisis to another and then another -- this time, with a $4.7 billion writedown tied to billionaire investor Bill Hwang’s trading blowout. The staggering hit -- the largest yet linked to market-shaking losses run up by Hwang’s Archegos Capital Management -- prompted sweeping management changes at the Swiss bank Tuesday and cast fresh doubt on its checkered record of managing risks. It caps a catalog of costly errors at Credit Suisse -- most recently the collapse of Greensill Capital -- in what was ...

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 ...