Credit Suisse axes bosses and bonuses amid Archegos losses


Credit Suisse took drastic action on Tuesday, replacing two key executives and cutting bonuses amid the fallout from two major business relationships. Its chief risk officer, Lara Warner and its investment banking chief, Brian Chin will both leave the bank in April. Two businesses linked to the Swiss banking giant, Greensill Capital and hedge fund Archegos imploded in recent weeks with major losses. Greensill was the key financial backer of Liberty Steel owner, GFG Alliance. Greensill Capital, filed for insolvency earlier this month. There are concerns about the future of Liberty Steel which directly employs 3,000 people in the UK. An additional 2,000 people work for GFG Alliance in the UK.(BBC)…[+]