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Credit score Suisse earnings Q1 2021 

A Credit score Suisse brand 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 web lack of 252 million Swiss francs ($295 million) at a time of elevated stress on the financial institution.

The Swiss lender warned of heavy losses earlier this month after a scandal involving Archegos Capital, a U.S. based mostly hedge fund, which collapsed after taking over an excessive amount of danger. Credit score Suisse mentioned it took successful of 4.4 billion Swiss francs consequently.

As well as, funding financial institution CEO Brian Chin and chief danger 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 info on the collapse of Archegos, in accordance with the Wall Avenue 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 shall be up to date shortly.

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