By Reuters Staff
3 Min Read
(Reuters) -Credit Suisse Group on Tuesday announced an estimated charge of 4.4 billion Swiss francs ($4.7 billion) from its relationship with Archegos Capital Management LP, suspended a share buyback programme and cut its proposed dividend.
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. REUTERS/Arnd Wiegmann/File Photo
Following are reactions to the development.
MICHAEL KUNZ, ANALYST AT ZUERCHER KANTONALBANK
“An individual case has ruined the otherwise successful work of the bank as a whole in the first quarter. At least - in our opinion - personnel consequences have now been taken. The main damage, however, has been inflicted on shareholders, who have to make do with a lower dividend and a suspended share buyback. In view of the bank’s vulnerability to risk....it does not seem appropriate to us to recommend bets on the securities of CS Group.”