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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. Chief Executive Officer Thomas Gottstein vowed he will draw “serious lessons” from the Archegos loss and the collapse of Greensill Capital last month as they leave him with little room for further missteps. ....
Credit Suisse Emerges as Archegos Loser With $4.7 Billion Hit swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
The dramatic implosion of Archegos Capital Management has turned the spotlight on family offices. These usually conservative financial institutions are effectively unregulated, but that can be risky. Archegos blew an estimated $10 billion hole in some banks, using leverage and derivatives. Family offices sound innocent, but one just blew an estimated $10 billion hole in some of the world s biggest banks. Bill Hwang s Archegos Capital Management was a large investment firm funding risky bets through lots of borrowing. But it was structured as a family office , a type of financial institution designed to preserve and grow a rich person s wealth, meaning it went largely unnoticed. ....
Investment Firm's Collapse Put Unseen Risks on Full Display nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
US stocks slip in mixed trading as rate pressure ratchets up | News, Sports, Jobs minotdailynews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from minotdailynews.com Daily Mail and Mail on Sunday newspapers.