Banking

Bank of America, Societe Generale downgrade Credit Suisse amid $4.7 billion Archegos hit

Credit Suisse

Stefano Rellandini | Reuters

Wall Street analysts are reevaluating their ratings on Credit Suisse after the bank announced losses of $4.7 billion on exposure to beleaguered U.S. hedge fund Archegos Capital.

The Swiss lender on Tuesday scrapped its bonuses, cut its dividend and suspended share buybacks as it forecast a 900 million Swiss franc ($960.4 million) pre-tax loss for the first quarter.

Investment Bank CEO Brian Chin and Chief Risk and Compliance Officer Lara Warner have stepped down with immediate effect.

Credit Suisse shares offered a muted reaction during Tuesday’s trade, but here’s what the experts had to say:


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