Credit Suisse To Boost Capital Ahead Of Further Archegos Hit

ZURICH (Reuters) – Credit Suisse (SIX:CSGN) will raise over $2 billion to strengthen its capital base after flagging a further hit from the collapse of U.S. investment fund Archegos and a shrinking of the prime brokerage unit responsible for the multi-billion dollar debacle.

The demise of Archegos and another major client, British finance firm Greensill, have plunged Credit Suisse into crisis, triggering losses, sackings and bonus cuts at a time when rivals are revelling in bumper profit from trading and dealmaking.

In a further blow for Chief Executive Thomas Gottstein, Switzerland’s financial regulator has opened enforcement proceedings against the bank over how it handled the risks around Archegos and Greensill. Read more…..

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Often described as a “chameleon,” Peter Lynch adapted to whatever investment style worked at the time. It is said that his work schedule, the equivalent of what we would call today “24/7,” did not have a beginning and an end. He talked to company executives, investment managers, industry experts and analysts around the clock.

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