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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. Popular Searches 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. ....
Credit Suisse Takes $4.7 Billion Archegos Hit, Replaces Warner This content was published on April 6, 2021 - 07:52 April 6, 2021 - 07:52 (Bloomberg) Credit Suisse Group AG will take a 4.4 billion franc ($4.7 billion) writedown tied to the implosion of Archegos Capital Management and replace more than half a dozen executives in response to the firm’s worst trading debacle in over a decade. The charge will result in a pretax loss of about 900 million francs for the first quarter, the bank said in a statement Tuesday, putting it on track for its second straight net loss. Credit Suisse scrapped bonuses for top executives, cut its dividend and suspended share buybacks to protect its capital. Investment bank head Brian Chin and Chief Risk Officer Lara Warner are leaving. ....
Publishing date: Apr 06, 2021 • 1 hour ago • 4 minute read • Article content ZURICH 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. 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. We apologize, but this video has failed to load. Try refreshing your browser, or Credit Suisse overhauls management as it takes $4.7 bln hit on Archegos Back to video ....
Heads roll at Credit Suisse after huge loss on Archegos Scandal-hit bank overhauls leadership of its investment and risk units 06 April 2021 - 11:26 Brenna Hughes Neghaiwi and Matt Scuffham The Credit Suisse building is shown in Canary Wharf in London, England, in this file photo. Picture: GETTY IMAGES/CHRIS J RATCLIFFE Zurich Credit Suisse says it will take a 4.4-billion Swiss franc hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk division. The scandal-hit bank now expects to post a loss for the first quarter of about 900-million Swiss francs. It is also suspending its share buyback plans and cutting its dividend by two thirds. ....