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Credit Suisse Scandal Toll Goes Ever Higher as Rivals Thrive (2)

April 7, 2021, 9:23 AM

In an era of prosperity for investment banks, Credit Suisse Group AG is careening from one crisis to another and then another -- this time, with a $4.7 billion writedown tied to billionaire investor Bill Hwang’s trading blowout.

The staggering hit -- the largest yet linked to market-shaking losses run up by Hwang’s Archegos Capital Management -- prompted sweeping management changes at the Swiss bank Tuesday and cast fresh doubt on its checkered record of managing risks. It caps a catalog of costly errors at Credit Suisse -- most recently the collapse of Greensill Capital -- in what was ...