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Credit Suisse reports $275 million first-quarter loss after Archegos hedge fund scandal – CNBC

The Swiss lender warned of heavy losses earlier this month after a scandal involving U.S.-based hedge fund Archegos Capital.

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LONDON Credit Suisse reported Thursday a net loss of 252 million Swiss francs ($275 million) for the first quarter, at a time of increased pressure on the bank.
It said the loss reflected a “significant charge with respect to the US-based hedge fund matter in 1Q21 (first quarter), offsetting positive performance across wealth management and investment banking.”
It comes after the Swiss lender warned of heavy losses earlier this month following a scandal involving Archegos Capital, a U.S. based hedge…

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