Credit Suisse cuts dividend amid Archegos scandal

Tuesday, 06. April 2021 08:07

Credit Suisse Group AG announced on Tuesday that it will cut dividend payments due to significant losses sustained from the Archegos Capital Management scandal.

The executive board of the banking giant waived its bonuses for 2020, stating it took a charge of 4.4 billion Swiss francs due to the fallout related to the hedge fund. Additionally, the company's Investment Bank CEO Brian Chin and Chief Risk and Compliance Officer Lara Warner will leave the bank.

"Particularly following the significant US-based hedge fund matter, the Board of Directors is amending its proposal on the distribution of dividends and withdrawing its proposals on variable compensation of the Executive Board," the bank said.

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Breaking the News / MD