Credit Suisse details Swiss watchdog action after Archegos blow up

FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann

May 27, 2021

ZURICH (Reuters) – Credit Suisse detailed on Thursday the additional capital buffer imposed by Swiss market watchdog FINMA in relation to the Swiss bank’s exposure to collapsed U.S. investment fund Archegos.

“FINMA imposed a temporary add-on of CHF 5.8 billion (USD 6.1 billion) to the Group’s credit risk RWA (risk-weighted assets) in relation to its exposure in the US-based hedge fund matter, which was included in movements in risk levels,” it said in a first-quarter regulatory filing.

(Reporting by Michael Shields, editing by John Miller)