The nearly $5 billion loss from the collapse of Archegos Capital Management was just the latest problem for Credit Suisse’s beleaguered investment bank.
Credit Suisse had admitted to helping American clients evade taxes in 2014 and was fined $2.6 billion, but it avoided even higher fines because of its vow that it had stopped the practice.
Jamie Dimon tells the bank’s investors to prepare for an economic upswell.
Beijing, which can’t afford to let its attack on civil liberties scare away global banks and financiers, is offering them a big tax break and other perks.
The Swiss bank is in turmoil after a series of financial disasters that have battered its reputation and are likely to diminish its global clout.
Banks were eager to do business with Bill Hwang and his Archegos Capital Management — until he ran out of money.
Archegos Capital Management’s use of swaps helped conceal its exposure to huge blocks of shares but showed once again how lightly regulated derivatives can shake the financial system.
Archegos Capital Management, led by Bill Hwang, couldn’t meet financial demands, creating turmoil on Wall Street and raising questions about the fund’s ties to lenders.
Greensill Capital promised a win-win for buyers and sellers, until it all fell apart, igniting concerns about opaque accounting practices.
A former bank employee contends that the Swiss bank continued to help American clients avoid taxes long after its 2014 plea deal with the U.S. government
Tidjane Thiam made Credit Suisse profitable again. But the Swiss rejected him as an outsider, and a sudden scandal took him down.