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Swiss miss

Credit Suisse’s Sfr4.4 billion ($4.7 billion) loss from the implosion of Archegos Capital Management may shave up to 90 basis points from its Common Equity Tier 1 (CET1) capital ratio. In a trading update posted on April 6, the Swiss lender said it anticipated a first-quarter loss of Sfr900 million, which reflects the hit from the Archegos default and charges incurred from the collapse of Greensill Capital, both of which occurred in March. The bank said it expected its end-March CET1 ratio, using Basel Committee definitions, to be “at least” 12%. As of end-2020, it was 12.9%.

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