Credit Suisse ousts top execs, slashes bonuses amid heavy losses from US hedge fund meltdown ...News

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Credit Suisse ousts top execs, slashes bonuses amid heavy losses from US hedge fund meltdown
source : Russia Today ( News ) () 12
Swiss banking giant Credit Suisse said on Tuesday it expects a first-quarter pre-tax loss of around $960.4 million after taking a charge of $4.7 billion as a result of the US hedge fund Archegos Capital collapse. “The significant loss in our Prime Services business relating to the failure of a US-based hedge fund is unacceptable,” said Thomas Gottstein, chief executive of Credit Suisse. Investment banking CEO Brian Chin and the chief risk and compliance officer, Lara Warner, will step down from their roles with immediate effect, according to Credit Suisse. It also said the executive board will forgo both short-term and long-term bonuse

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