Credit Suisse Removes Top Execs After $4.7B Archegos Hit

Law360, London (April 6, 2021, 11:39 AM BST) -- Credit Suisse said on Tuesday that it has removed its top risk and compliance officer and the chief executive of its investment banking arm from their posts after revealing that it will take a hit of 4.4 billion Swiss francs ($4.7 billion) from its exposure to U.S. hedge fund Archegos Capital.

Thomas Gottstein, chief executive of Credit Suisse, has said the significant loss to its business is "unacceptable" and that "serious lessons will be learned." (iStock) Lara Warner, chief risk and compliance officer, and Brian Chin, head of investment banking, stepped down from their executive roles on Tuesday, Credit Suisse Group...

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