After Taking $4.7 Billion Hit, Credit Suisse Executives Step Downs
Alicia McElhaney, 06 April 2021
The hits keep coming for investment banking giant Credit Suisse.
The firm announced Tuesday that it expects to take a CHF 4.4 billion (USD $4.7 billion) writedown following losses related to family office Archegos Capital Management’s failure to meet its margin requirements.
Executives are stepping down, and the firm has launched two investigations: one into Archegos, and another into Credit Suisse’s purchase of Greensill Capital’s supply chain debt. Thomas Gottstein, chief executive officer of the firm, called the losses tied to Archegos “unacceptable.” Continue reading “Article: After Taking $4.7 Billion Hit, Credit Suisse Executives Step Downs”