A Credit Suisse Group bank branch in Zurich, Switzerland. Picture: BLOOMBERG/STEFAN WERMUTH
Archegos is still hitting Credit Suisse’s bottom line. Net profit of 253-million Swiss francs missed average forecasts for Sf334m as it absorbed an additional $653-million loss from the fund's collapse and amid a general slump in trading. The bank said in response that it would “put risk management at the heart of our decision-making processes”.Analysts had expected a nearly Sf600m hole caused by more losses at Archegos and further weakness in the bank’s trading and advisory businesses to bring second-quarter net profit down to a quarter of its value a year ago.
Under new chair Antonio Horta-Osorio, it is trying to turn the page after a swathe of investigations, executive changes and divisional reshuffles, and is promising to open a new chapter with a strategic overhaul to be unveiled later in 2021. It also said it had been accruing for dividends during the quarter but the size of the payout had yet to be determined.Investors and analysts have been waiting to see whether recent troubles at Credit Suisse, which have also left clients in its asset management business directly exposed to potential Greensill losses, have affected prized relationships with the ultra-wealthy.
Earlier this week, Credit Suisse appointed Goldman Sachs partner David Wildermuth as its new chief risk officer, as it seeks to turn the corner on the Archegos and Greensill scandals
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