 "Credit Suisse posts another quarter of loss, rejigs top team")
Credit Suisse Group reported a bigger-than-expected loss, parted ways with three senior executives and warned that the full damage from one of the most turbulent periods in its history is yet to be accounted for.
The Zurich-based bank posted a net loss of 273 million Swiss francs ($284 million), in the first quarter driven by legal expenses as well as a charge related to Russian exposure. That has prompted further blood-letting, with the departure of CFO David Mathers, chief counsel Romeo Cerutti as well as Asia head Helman Sitohang.
Archegos founder Hwang hit with criminal chargesArchegos Capital founder Bill Hwang and Chief Financial Officer Patrick Halligan were charged with fraud, in the latest fallout from the collapse of the family office. Federal prosecutors said Hwang used Archegos as an “instrument of market manipulation and fraud”.
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