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NEW YORK - Credit Suisse will announce the departure of two senior executives and detail how much it expects to lose through its exposure to family office Archegos Capital in an investor update Tuesday, sources 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 leave the bank, the sources said on Monday.
CREDIT SUISSE HIT WITH S&P RATINGS CUT ON ARCHEGO TIES
Defaults on margin calls by Archegos, a family office run by former Tiger Asia manager Bill Hwang, caused a clutch of banks to rapidly unwind billions of dollars of his leveraged trades last month.
Credit Suisse was still unwinding its positions Monday, the sources said.