Credit Suisse overhauls executive board as it estimates Archegos fallout at $4.7 billion

By Brenna Hughes Neghaiwi ZURICH (Reuters) – Credit Suisse on Tuesday said it was replacing senior managers, halting its share buyback programme and slashing its 2020 dividend as it grapples with the estimated 4.4 billion Swiss franc ($4.69 billion) fallout from its relationship with Archegos Capital Management LP. Chief Risk Officer Lara Warner and investment banking head Brian Chin will both leave the bank in April, Switzerland’s second largest lender said. The bank said it now expects to post a pre-tax loss of roughly 900 million francs for the first quarter, as its strong performance in th…

Read More