While Credit Suisse was far from the only bank that allowed Bill Hwang’s family office to lever up large positions in a few stocks, others managed to unwind their exposure quickly with minimal damage. That raised questions over Chief Executive Officer Thomas Gottstein’s handle on the firm’s risk just weeks after the lender was caught up in another implosion of a little known financial player.
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Credit Suisse takes $4.7b Archegos hit, replaces risk chief
“Serious lessons will be learned,” Gottstein said Tuesday in a statement. The Archegos loss “is unacceptable.”
