NEW YORK – Credit Suisse will announce the departures of two of its chief executives and detail how much losses can be expected, according to the Archegos Capital Family Office disclosures in an investor update Tuesday, a familiar source told Reuters. With this said
The Swiss bank will inform Chief Risk Officer Lara Warner and investment banking CEO Brian Chin will leave the bank, sources said on Monday.
Credit achieved with an S&P rating cut to ARCHEGO ties.
The initial margin call by Archegos, a family office run by former Tiger Asia manager Bill Hwang, quickly let a number of banks loosen multi-billion dollar leveraged trades last month. already
The source said Credit Suisse continued to defuse its position on Monday.
The sources said the losses could be as high as $ 5 billion, a figure the bank declined to comment.
The bank is facing scrutiny over its relationship with British financial firm Greensill, which slumped into bankruptcy last month.
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The combined strike from both ties could reach $ 7.5 billion, JPMorgan said on Monday.
The bank expects Warner and Chin to pay the price for those failures by leaving, the sources said, Chief Executive Thomas Gottstein will remain in the position.