Credit Suisse bank.
NurPhoto | NurPhoto | Getty Images
LONDON — A Credit Suisse investigation said Thursday that the bank failed “to effectively manage risk” when doing business with the collapsed U.S. hedge fund Archegos.
The bank’s results have been overshadowed by heavy losses following a scandal involving Archegos Capital, a U.S. based hedge fund, which collapsed after taking on too much risk.
Credit Suisse took a hit of 4.4 billion Swiss francs as a result and investment bank CEO Brian Chin and chief risk and compliance officer, Lara Warner, both stepped down. The executive board decided to waive bonuses for the 2020 year, and also cut the proposed dividend.
The stock is down 17% year-to-date.
This is a breaking news story, please check back later for more.
A sign hangs in front of the world headquarters of Vertex Pharmaceuticals in Boston.Brian Snyder…
Senator Elizabeth Warren (D-MA), accompanied by Senator Angus King (I-ME) (L), speaks as General Gregory…
The LA Marathon also congratulated all of the race's podium finishers - including Enyew Nigatwho…
The 10-year Treasury Department The yield initially rose before falling on Monday as oil prices…
The Food and Drug Administration logo is seen before a news conference at Health and…
A few years ago, Grace Guo began to long for places in New York City…
This website uses cookies.