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Credit Suisse overhauls executive board as it estimates Archegos fallout at $4.7 billion By Reuters

© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Bern

ZURICH (Reuters) – Credit Suisse (SIX:) on Tuesday said it was replacing senior managers and reducing proposals for its 2020 dividend and executive compensation as it grapples with the estimated 4.4 billion Swiss franc ($4.69 billion) fallout from its relationship with Archegos Capital Management LP.

Chief Risk Officer Lara Warner and investment banking head Brian Chin will both leave the bank in April, Switzerland’s second largest lender said.

The bank said it now expects to post a pre-tax loss of roughly 900 million francs, as its strong performance in the quarter was wiped out by the affair.

($1 = 0.9372 Swiss francs)

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