Credit Suisse’s Archegos postmortem slams management; profit slumps [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Credit Suisse’s Archegos postmortem slams management; profit slumps FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo ARND WIEGMANN/Reuters FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo A “lackadaisical” attitude towards risk and “a lack of accountability” were to blame for Credit Suisse’s $5.5 billion loss on investment fund Archegos, according to a review published on Thursday, as the bank reported a near-80% fall in second-quarter profit. The collapse of Archegos rocked Wall Street in March as its highly leveraged stock bets went sour, sending banks scrambling for the exit. In a $10 billion bloodbath, Credit Suisse was the biggest loser, a devastating double whammy for a bank already reeling from the insolvency of a key associate, Greensill Capital. Archegos is still hitting Credit
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