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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 ...

5 Min Read ZURICH (Reuters) - Thomas Gottstein may have acted decisively enough this week to stay as Credit Suisse chief executive, but investors are likely to require more radical action after the bank’s $4.7 billion loss from the Archegos hedge fund scandal. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. REUTERS/Arnd Wiegmann/File Photo Credit Suisse shares have dropped by 25% in the space of a month, with Switzerland’s second biggest bank reeling from its exposure to the collapse first of Greensill Capital and then Arche...

The boss of collapsed finance company Greensill boasted to staff about the firm's 'enormous liquidity' just three weeks before it collapsed and became embroiled in a political scandal. Australian financier Lex Greensill, 44, reassured staff in an internal video on February 15 - audio of which has been obtained by the FT - of the 'incredible strength' of a key set of funds it held with Zurich-based Credit Suisse.  Just two weeks' later the Swiss bank froze these funds, precipitating Greensill's collapse around seven days later - leading to unwelcome headlines for former Prime Minister David C...

Investment Bank CEO Brian Chin and Chief Risk and Compliance Officer Lara Warner will step down from their roles with immediate effect.

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. ...