Credit Suisse posts Q1 losses over Archegos collapse

SWISS banking giant Credit Suisse, rocked by the bankruptcies of British financial firm Greensill and US hedge fund Archegos, suffered a first-quarter net loss of 252 million Swiss francs (RM1.1 billion), it reported today.

The bank, which had recorded a net profit of 1.3 billion francs a year earlier, had reported a charge of 4.4 billion Swiss francs to cover the damage related to Archegos.