Credit score Suisse earnings Q1 2021

A Credit score Suisse emblem within the window of a Credit score Suisse Group AG financial institution department in Zurich, Switzerland.

Bloomberg | Bloomberg | Getty Pictures

LONDON — Credit score Suisse reported Thursday a internet lack of 252 million Swiss francs ($295 million) at a time of elevated strain on the financial institution.

The financial institution stated the loss mirrored a “important cost with respect to the US-based hedge fund matter in 1Q21, offsetting optimistic efficiency throughout wealth administration and funding banking.”

The Swiss lender warned of heavy losses earlier this month after a scandal involving Archegos Capital, a U.S. primarily based hedge fund, which collapsed after taking up an excessive amount of threat. Credit score Suisse stated it took a success of 4.4 billion Swiss francs in consequence.

As well as, funding financial institution CEO Brian Chin and chief threat and compliance officer, Lara Warner, each stepped down. The chief board determined to waive bonuses for the 2020 12 months, and likewise reduce the proposed dividend.

Regulators within the U.S. and Switzerland have requested Credit score Suisse for extra data on the collapse of Archegos, in keeping with the Wall Road Journal.

In March, Credit score Suisse additionally adjusted its asset administration enterprise and suspended bonuses after the collapse of Greensill Capital, a British provide chain finance agency.

It is a growing information story and will probably be up to date shortly.

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