Toll of Archegos scandal goes higher as Credit Suisse's rivals thrive

In an era of prosperity for investment banks, Credit Suisse is careening from one crisis to another and this time, with a $4.7 bn writedown tied to billionaire investor Bill Hwang's trading blowout

In an era of prosperity for investment banks, Credit Suisse Group AG is careening from one crisis to another and then another -- this time, with a $4.7 billion writedown tied to billionaire investor Bill Hwang’s trading blowout.

The staggering hit -- the largest yet linked to market-shaking losses run up by Hwang’s Archegos Capital Management -- prompted sweeping management changes at the Swiss bank Tuesday and cast fresh doubt on its checkered record of managing risks. It caps a catalog of costly errors at Credit Suisse -- most recently the collapse of Greensill Capital -- in what was supposed to