Credit Suisse takes $4.7 billion hit from Archegos hedge fund scandal; execs step down - CNBC
Apr 06, 2021 50 secs

Credit Suisse on Tuesday announced several high-level staff departures and proposed a cut to its dividend as it weighs heavy losses from the Archegos Capital saga.

The executive board has also waived its bonuses for the 2020 financial year, the bank announced Tuesday, with Chairman Urs Rohner giving up his "chair fee" of 1.5 million Swiss francs.

At its AGM on April 30, Credit Suisse will now propose a dividend of 0.10 Swiss francs gross per share along with the amended compensation report.

Chin will be replaced at the helm of the investment bank on May 1 by Christian Meissner, currently Credit Suisse's co-head of international wealth management investment banking advisory and vice chairman of investment banking.

"The worst thing of all, particularly in European investment banks, they are only able to employ the 'B-league' U.S.

Wittmann also argued that European investment banks had not adapted to safeguard themselves in the same way as their American counterparts in the wake of the 2008 global financial crisis?

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