Archegos debacle prompts Credit Suisse to slash prime services

Credit Suisse’s chief pledged to cut its prime brokerage by one-third in the wake of the Archegos blow-up, which contributed to a 70-basis point drop to the bank’s core capital ratio over the first quarter.

At end-March, the embattled lender’s Common Equity Tier 1 (CET1) capital ratio was 12.2%, down from 12.9% at end-2020. The CET1 leverage ratio fell to 3.8% from 4.4%. The Archegos implosion incurred Sfr4.4 billion ($4.7 billion) of losses in Q1, and managers expect a further Sfr600 million

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: