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Credit Suisse Q2 2021 earnings

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Credit Suisse bank.

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LONDON — A Credit Suisse investigation said Thursday that the bank failed “to effectively manage risk” when doing business with the collapsed U.S. hedge fund Archegos.

The bank’s results have been overshadowed by heavy losses following a scandal involving Archegos Capital, a U.S. based hedge fund, which collapsed after taking on too much risk. 

Credit Suisse took a hit of 4.4 billion Swiss francs as a result and investment bank CEO Brian Chin and chief risk and compliance officer, Lara Warner, both stepped down. The executive board decided to waive bonuses for the 2020 year, and also cut the proposed dividend.

The stock is down 17% year-to-date.

This is a breaking news story, please check back later for more.

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