Credit Suisse Emerges as Archegos Loser With $4.7 Billion Hit

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 ...