By ZURICH (Reuters) - Credit Suisse on Tuesday said it was replacing senior managers, halting its share buyback programme and slashing its 2020 dividend 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 for the first quarter, as its strong performance in the quarter was wiped...…By ZURICH (Reuters) - Credit Suisse on Tuesday said it was replacing senior managers, halting its share buyback programme and slashing its 2020 dividend 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 for the first quarter, as its strong performance in the quarter was wiped...WW…

By , ZURICH (Reuters) - Credit Suisse said on Tuesday it will take a 4.4 billion Swiss franc ($4.7 billion) hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk divisions.The scandal-hit bank now expects to post a loss for the first quarter of around 900 million Swiss francs. It is also suspending its share buyback plans and cutting its dividend by two thirds.Switzerland’s No. 2 bank, which has dumped over $2 billion worth of stock to end exposure to the New York investment fund run by former Tiger Asia manager Bill...…By , ZURICH (Reuters) - Credit Suisse said on Tuesday it will take a 4.4 billion Swiss franc ($4.7 billion) hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk divisions.The scandal-hit bank now expects to post a loss for the first quarter of around 900 million Swiss francs. It is also suspending its share buyback plans and cutting its dividend by two thirds.Switzerland’s No. 2 bank, which has dumped over $2 billion worth of stock to end exposure to the New York investment fund run by former Tiger Asia manager Bill...WW…

By , , ZURICH (Reuters) - Credit Suisse may have to book a charge over its dealings with Greensill, it warned on Tuesday, as investor scrutiny grows over its relationship with the British supply-chain finance company that collapsed into insolvency.The Swiss bank has had to close around $10 billion of supply-chain finance funds that bought notes issued by Greensill, and which it marketed to clients. It is also trying to recoup a $140 million loan it made to the company last year.“While these issues are still at an early stage, we would note that it is possible that Credit Suisse will incur a...…By , , ZURICH (Reuters) - Credit Suisse may have to book a charge over its dealings with Greensill, it warned on Tuesday, as investor scrutiny grows over its relationship with the British supply-chain finance company that collapsed into insolvency.The Swiss bank has had to close around $10 billion of supply-chain finance funds that bought notes issued by Greensill, and which it marketed to clients. It is also trying to recoup a $140 million loan it made to the company last year.“While these issues are still at an early stage, we would note that it is possible that Credit Suisse will incur a...WW…

By ZURICH (Reuters) - Swiss firms narrowly avoided facing greater liability for human rights and environmental abuses on Sunday after a national vote rejected the proposal due to regional differences despite it winning majority popular support.In a divisive referendum, 50.7% of Swiss voters supported proposals by the Responsible Business Initiative (RBI) to extend liability over international human rights abuses and environmental harm caused by major Swiss companies and the firms they control abroad.But the initiative failed to win support in a majority of cantons, a necessary condition for...…By ZURICH (Reuters) - Swiss firms narrowly avoided facing greater liability for human rights and environmental abuses on Sunday after a national vote rejected the proposal due to regional differences despite it winning majority popular support.In a divisive referendum, 50.7% of Swiss voters supported proposals by the Responsible Business Initiative (RBI) to extend liability over international human rights abuses and environmental harm caused by major Swiss companies and the firms they control abroad.But the initiative failed to win support in a majority of cantons, a necessary condition for...WW…