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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… ....
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 division. 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 Archegos, said Chief Risk Officer Lara Warner and Brian Chin, the bank’s investment banking head, were stepping down following the losses. ....
Publishing date: Apr 06, 2021 • 1 hour ago • 4 minute read • Article content ZURICH 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 division. 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. We apologize, but this video has failed to load. Try refreshing your browser, or Credit Suisse overhauls management as it takes $4.7 bln hit on Archegos Back to video ....
Heads roll at Credit Suisse after huge loss on Archegos Scandal-hit bank overhauls leadership of its investment and risk units 06 April 2021 - 11:26 Brenna Hughes Neghaiwi and Matt Scuffham The Credit Suisse building is shown in Canary Wharf in London, England, in this file photo. Picture: GETTY IMAGES/CHRIS J RATCLIFFE Zurich Credit Suisse says it will take a 4.4-billion Swiss franc hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk division. The scandal-hit bank now expects to post a loss for the first quarter of about 900-million Swiss francs. It is also suspending its share buyback plans and cutting its dividend by two thirds. ....
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.” ....