Credit Suisse heads roll as trading update flags $4.7bn hedge fund hit

Mark Battersby
clock • 2 min read

Brian Chin, chief executive of the Zurich based investment bank and Lara Warner, chief risk and compliance officer, have both stepped down from their respective roles. Credit Suisse also issued a separate trading update on 6 April stating it "would expect to report a pre-tax loss for 1Q 2021 of approximately CHF 900m. This includes a charge of CHF 4.4bn in respect of the failure by a US-based hedge fund to meet its margin commitments as we announced on March 29, 2021." "This will negate the very strong performance that had otherwise been achieved by our investment banking businesses a...

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