The firm will take a 4.4 billion franc ($4.7 billion) writedown tied to its Archegos exposure, forcing it to cut its dividend and suspend share buybacks. The company’s investment bank head and chief risk officer were among more than half a dozen executives replaced over the worst trading debacle in over a decade.
While Credit Suisse was far from the only bank that allowed Bill Hwang’s family office to lever up large positions in a few stocks, others managed to unwind their exposure quickly with minimal damage. That raised questions over Chief Executive Officer Thomas Gottstein’s handle on the firm’s risk just weeks after the lender was caught up in another implosion of a little-known financial player.
Credit Suisse Emerges as Archegos Loser With $4 7 Billion Hit
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Oil plunge deepens with renewed lockdowns clouding horizon
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Oil plunge deepens with renewed lockdowns clouding horizon
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Oil drops with renewed lockdowns dimming outlook for demand
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