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Credit Suisse executives to depart after Archegos losses

Bloomberg4/6/2021 9:7 PM GMT+08  • 4 min read
Credit Suisse executives to depart after Archegos losses
Changes will reverberate through key parts of the bank.
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Credit Suisse Group AG is shaking up its executive ranks after the Zurich-based lender was hit hard by the collapse of Archegos Capital Management.

Investment bank chief Brian Chin is set to leave in an exit that may be announced as soon as Tuesday, according to people familiar with the matter, who asked not to be identified because the move hasn’t been made public. Chief Risk Officer Lara Warner is also departing, along with a number of business heads, although Chief Executive Officer Thomas Gottstein will be spared.

Archegos, a US family office that defaulted on margin calls, could account for billions of dollars of losses at Credit Suisse. The firm has acknowledged the damage will be significant, and is set to give investors an update this week. The firm is also planning a review of its prime-brokerage business.

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