Credit Suisse estimated burst

Credit Suisse (10.87, 0.17, 1.59%) said on Tuesday it expected losses related to the explosion of archegos to reach 4.4 billion Swiss francs (about $4.69 billion), and proposed cutting dividends and executive compensation in 2020.

Credit Suisse estimated burst

Lara Warner, its chief risk officer, and Brian chin, head of investment banking, will leave next month, the bank also said.

 

Credit Suisse said it currently expects a pre tax loss of about 900 million Swiss francs in the first quarter, “which includes the expenditure of 4.4 billion Swiss francs due to a US based hedge fund’s failure to meet the margin commitment we announced on March 29, 2021.

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