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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 execs to depart as bank details Archegos losses - sources


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 divisions.
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 the New York investment fund run by former Tiger Asia manager Bill Hwang, said Chief Risk and Compliance Officer Lara Warner and investment banking head Brian Chin were stepping down following the losses. ....

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Credit Suisse Takes $4.7 Billion Archegos Hit, Replaces Warner


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. ....

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