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Credit Suisse CEO Faces Anger in the Ranks on Archegos Mess

Credit Suisse CEO Faces Anger in the Ranks on Archegos Mess
This content was published on April 8, 2021 - 05:20
April 8, 2021 - 05:20
(Bloomberg) For the second time in a little more than a week, Thomas Gottstein was facing a tough crowd: his own bankers.
The chief executive officer of Credit Suisse Group AG gathered dozens of managing directors at the global bank on a conference call late Tuesday, as part of crisis-management efforts after the lender announced that it stands to lose as much as $4.7 billion amid the meltdown of hedge fund Archegos Capital Management.
According to people with knowledge of the call, Gottstein was grilled on the exposure and risk profile of the bank and why it lost so much more than rivals in the debacle. Gottstein could not yet give detailed answers, and instead pointed to the arrival of new chairman Antonio Horta-Osorio later this month as an opportunity to reassess its strategy, the people said. ....

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Credit Suisse CEO Gottstein faces anger in the ranks on Archegos mess

For the second time in a little more than a week, Thomas Gottstein was facing a tough crowd: his own bankers.
The chief executive officer of Credit Suisse Group AG gathered dozens of managing directors at the global bank on a conference call late Tuesday, as part of crisis-management efforts after the lender announced that it stands to lose as much as $4.7 billion amid the meltdown of hedge fund Archegos Capital Management.
According to people with knowledge of the call, Gottstein was grilled on the exposure and risk profile of the bank and why it lost so much more than rivals in the debacle. Gottstein could not yet give detailed answers, and instead pointed to the arrival of new chairman Antonio Horta-Osorio later this month as an opportunity to reassess its strategy, the people said. ....

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Credit Suisse execs to depart as bank details Archegos losses: sources

2 Min Read
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann
NEW YORK (Reuters) - Credit Suisse will announce the departure of two senior executives and detail how much it expects to lose through its exposure to family office Archegos Capital in an investor update Tuesday, sources familiar with the matter said.
The Swiss bank will say that Chief Risk Officer Lara Warner and Brian Chin, CEO of its investment bank, will leave the bank, the sources said on Monday.
Defaults on margin calls by Archegos, a family office run by former Tiger Asia manager Bill Hwang, caused a clutch of banks to rapidly unwind billions of dollars of his leveraged trades last month. ....

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Credit Suisse Sells About $2.3 Bln Of Stocks Tied To Archegos; Executives To Step Down: Report

(2)
ZURICH (dpa-AFX) - Credit Suisse sold about $2.3 billion worth of stocks tied to the Archegos Capital. The Zurich-based lender will change its executives after the bank was affected by the collapse of Archegos Capital Management, Bloomberg reported citing people familiar with the matter.
Archegos Capital Management is a family office capital management firm run by Bill Hwang.
Credit Suisse s investment-bank chief Brian Chin is set to leave, with his exit announced as soon as Tuesday, the report said.
The report also said Zurich-based lender is discussing replacing Chief Risk Officer Lara Warner while sparing Chief Executive Officer Thomas Gottstein as they tally Archegos-related losses. ....

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Credit Suisse overhauls management as it takes $4.7 billion hit on Archegos

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. 2 bank, which has dumped over $2 billion worth of stock to end exposure to Archegos, said Chief Risk Officer Lara Warner and Brian Chin, the bank’s investment banking head, were stepping down following the losses. ....

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