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Credit Suisse to reveal losses from Archegos; 2 execs to depart: sources

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NEW YORK (Reuters) - Credit Suisse Group AG will on Tuesday detail losses from its relationship with Archegos Capital Management LP after dumping over $2 billion worth of stock to end exposure to the troubled investor, two sources familiar with the matter said.
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann
The episode, which analysts have said could cost the Swiss bank several billion dollars, is also expected to result in the departures of Chief Risk Officer Lara Warner and Brian Chin, the bank’s investment banking head, the sources said. ....

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Credit Suisse estimates Archegos loss at $4.7bn, shakes up board

Swiss lender has sold shares linked with troubled investment firm at a loss weeks after the collapse of another client. ....

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Credit Suisse Takes $4.7 Billion Archegos Hit, Replaces Warner

Credit Suisse Takes $4.7 Billion Archegos Hit, Replaces Warner
This content was published on April 6, 2021 - 07:52
April 6, 2021 - 07:52
(Bloomberg)
Credit Suisse Group AG will take a 4.4 billion franc ($4.7 billion) writedown tied to the implosion of Archegos Capital Management and replace more than half a dozen executives in response to the firm’s worst trading debacle in over a decade.
The charge will result in a pretax loss of about 900 million francs for the first quarter, the bank said in a statement Tuesday, putting it on track for its second straight net loss. Credit Suisse scrapped bonuses for top executives, cut its dividend and suspended share buybacks to protect its capital. Investment bank head Brian Chin and Chief Risk Officer Lara Warner are leaving. ....

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Credit Suisse overhauls management as it takes $4.7 bln hit on Archegos

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.
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Credit Suisse to detail losses from Archegos, two execs to depart

Credit Suisse to detail losses from Archegos, two execs to depart
The episode, which analysts have said could cost the Swiss bank several billion dollars, is also expected to result in the departures of Chief Risk Officer Lara Warner and Brian Chin, the bank s investment banking head, the sources said
Reuters | April 6, 2021 | Updated 20:55 IST
The two executives are paying the price for a year in which Credit Suisse s risk management protocols have come under harsh scrutiny
Credit Suisse Group AG will on April 6 detail losses from its relationship with Archegos Capital Management LP after dumping over $2 billion worth of stock to end exposure to the troubled investor, two sources familiar with the matter said. ....

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