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NEW YORK – Credit Suisse to announce the departure of two senior executives and detail what it expects to lose from its exposure to family office Archegos Capital in an investor update on Tuesday, people familiar with the matter said .
The Swiss bank will say that Chief Risk Officer Lara Warner and Brian Chin, CEO of its investment bank, will be leaving the bank, the sources said on Monday.
CREDIT SUISSE HIT WITH CUT S&P RATINGS ON ARCHEGO LINKS
Defaults on margin calls from Archegos, a family office run by former Tiger Asia director Bill Hwang, caused a handful of banks to quickly liquidate billions of dollars from its leveraged transactions last month .
Credit Suisse was still unwinding its positions on Monday, the sources said.
Credit Suisse will announce the departure of two senior executives and detail what it expects to lose from its exposure to family office Archegos Capital in an investor update on Tuesday. (Getty Images)
Its losses could reach $ 5 billion, the sources said, a figure the bank declined to comment on.
The bank was already under close scrutiny over its relationship with UK finance firm Greensill, which collapsed into insolvency last month.
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The combined blow from the two relationships could reach $ 7.5 billion, JPMorgan said Monday.
The bank is expected to say that Warner and Chin will pay the price for these failures by leaving, the sources said. Chief Executive Officer Thomas Gottstein will remain in office.
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