Credit Suisse Group AG reported a $4.7 billion hit from the meltdown of Archegos Capital Management, slashed its dividends, and said its investment banking and risk chiefs would leave the bank.
The moves follow two simultaneous crises that struck the bank. Archegos’s collapse triggered a major loss in the bank’s unit that services hedge funds. Separately, earlier in March, Credit Suisse froze $10 billion in investment funds connected to now-insolvent finance company Greensill Capital.
Chief Executive Thomas Gottstein will stay in his job, but his chief risk officer, Lara Warner, is leaving the bank Tuesday and head of investment banking Brian Chin will depart at the end of April.
Christian Meissner, a former Bank of America Corp. and Goldman Sachs Group Inc. veteran, will become head of the investment bank, Credit Suisse said. It hired Mr. Meissner last year to lead a new unit connecting its wealthiest client to its investment bank. It put its former chief risk officer, Joachim Oechslin, temporarily back in that job and named a temporary head of compliance.
Write to Margot Patrick at email@example.com