Credit Suisse Emerges as Archegos Loser With $4.7 Billion Hit

April 6, 2021, 1:05 PM

Credit Suisse Group AG emerged as the big loser in global investment banks’ race to the exits following the implosion of Archegos Capital Management, with the fiasco leading to a quarterly loss and a major shakeup at the top of the Swiss bank.

The firm will take a 4.4 billion franc ($4.7 billion) writedown tied to its Archegos exposure, forcing it to cut its dividend and suspend share buybacks. The company’s investment bank head and chief risk officer were among more than half a dozen executives replaced over the worst trading debacle in over a decade.

While Credit Suisse ...

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