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Credit Suisse revolt to remove risk chief, 53,after Archegoes and Greensill scandals dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
Morgan Stanley sold $5 billion in shares Archegos night BEFORE private investment firm collapse dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
Banking giant Credit Suisse has axed two senior executives as it suffered billions of pounds worth of losses following the collapse of hedge fund Archegos and the British finance firm Greensill. Brian Chin, CEO of its investment bank, and Lara Warner, chief risk and compliance officer, both announced they would step down, while the dividend and staff bonuses will be cut. Credit Suisse said it was set to lose an astonishing £3.4bn ($4bn) from the collapse of Archegos, a hedge fund run by the billionaire Bill Hwang, who has suffered what one analysis called 'the biggest loss of private wealth in history'.
With the sun rising outside their conference room in Midtown Manhattan, the visitors to a secretive investment empire bent their heads in prayerful meditation. It was another Friday morning, 7 o’clock, and a familiar scene was unfolding again inside Archegos Capital Management, an obscure family office that would go on to shake the financial world. In the days before the pandemic, 20 or 30 people would squeeze together around the long table and, over coffee and Danishes, listen to recordings of the Bible, according to people who were there. First might come the Old Testament, perhaps Isaiah or Lamentations. Then came the New, the Gospels, which called out to the listeners drawn from a path known more for its earthly greed than its godly faith: Wall Street.
The Two Lives Of Bill Hwang, Man Behind The Archegos Fiasco ndtv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ndtv.com Daily Mail and Mail on Sunday newspapers.