In an era of prosperity for investment banks, Credit Suisse Group AG is careening from one crisis to another and then another this time, with a $4.7 billion writedown tied to billionaire investor Bill Hwang’s trading blowout. The staggering hit the largest yet linked to market-shaking losses run up by Hwang’s Archegos Capital Management prompted sweeping management changes at the Swiss bank Tuesday and cast fresh doubt on its checkered record of managing risks. It caps a catalog of costly errors at Credit Suisse most recently the collapse of Greensill Capital in what was supposed to be the start of steadier era under Chief Executive Officer Thomas Gottstein.
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Zurich
Zusz
Switzerland
United-states
America
Swiss
Christian-meissner
Lex-greensill
Thomas-gottstein
Jassim-al
Kian-abouhossein