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Credit Suisse in crisis: Top executives axed and bonuses withdrawn as bank dives into the red after Greensill and Archegos disasters Mark Shapland For The Daily Mail © Provided by This Is Money MailOnline logo Top executives have been fired and bonuses slashed at Credit Suisse as the bank reels from twin crises at two rogue clients. The European lending giant slumped to a £690million loss in the first quarter of the year following scandals at Archegos and Greensill Capital. Credit Suisse provided prime broking and financial services to hedge fund Archegos, which blew up la...

Credit Suisse overhauls as it takes $4.7b hit on Archegos an hour ago Picture used for illustrative purpose. 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 divisions. 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. 2 bank, which has dumped over $2 billion w...

Credit Suisse Scandal Toll Goes Ever Higher as Rivals Thrive This content was published on April 6, 2021 - 20:30 April 6, 2021 - 20:30 (Bloomberg) -- 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 checke...

by Tyler Durden Tuesday, Apr 06, 2021 - 08:02 AM Embattled Swiss bank Credit Suisse finally dumped its last remaining blocks of stocks tied to the implosion of hedge fund (excuse us, "family office") Archegos Capital Management on Tuesday following the close of markets in New York. As investors waited to learn more, the bank told the financial press that this would be the last sale of the so-called Archegos stocks. Hours later, a flurry of anonymously-sourced reports hit the tape claiming that the Swiss bank would be firing its top risk and compliance officer, along with the head of its inve...

Credit Suisse said it would lose £3.4billion from Archegos but has not yet put a figure on Greensill – meaning there could be further pain to come. As a result the bank’s senior executives have had their bonuses for the year withdrawn, while outgoing chairman Urs Rohner waived his £1.1million fee. Chief risk and compliance officer Lara Warner and the investment bank head Brian Chin have both been axed. Both were key allies of chief executive Thomas Gottstein, who took over from Tidjane Thiam in February last year but could find himself in the firing line when outgoing Lloyds boss Antoni...