Credit Suisse to Take $4.7 Billion Hit from Archegos Issue

06 April 2021

    Credit Suisse announced it will take a $4.7 billion hit from issues with Archegos Capital Management, causing management overhaul.


    One of Switzerland's largest banks expected to post a Q1 loss of 900 million Swiss francs, cut its dividend by 2/3 and suspend its buyback plans. It has by now dumped over $2 billion worth of stock to end exposure to Archegos, said Chief Risk Officer Lara Warner and Brian Chin, the bank's investment banking head, who are stepping down following the losses.


    The Archegos case becomes the second major scandal for Credit Suisse in the past months after the collapse of Greensill Capital. The bank's shares are already down by a quarter since March 1. 


    "The significant loss in our Prime Services business relating to the failure of a US-based hedge fund is unacceptable. Serious lessons will be learned. Credit Suisse remains a formidable institution with a rich history”, Credit Suisse Chief Executive - Thomas Gottstein commented. 


    Following the unsettling news, Credit Suisse shares were already seen down 1.5% in early trade.

    *The products advertised are only available to clients under Fondex Limited Seychelles (SDL No: SD037).


Cookies on Fondex

The Fondex website uses cookies to optimise user experience.

These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.

Manage Preferences

You can customize your selection of which cookies you want to accept.

  • Essential

    These cookies are necessary for the website to function correctly and cannot be switched off.

  • Functional

    Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.

  • Marketing

    These cookies are used to track visitors across our websites and show you more relevant ads. Marketing cookies also include third-party cookies from partners. For more information relating to data protection & collection please view our Privacy Policy and Cookie Disclosure.


The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit