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Credit Suisse's chairman of risk committee to exit

1 week 1 day ago
Credit Suisse Group AG said Friday that its chairman of the risk committee won't stand for re-election at the bank's shareholders meeting. Andreas Gottschling was facing criticism after a $5.5 billion loss from hedge-fund Archegos Capital Management. Norges Bank Investment Management, which has a stake of around 3% in the bank, said it would vote against his reappointment.

London Stock Exchange underlying income rises

1 week 3 days ago
London Stock Exchange Group PLC said Wednesday that pro forma total income for the first quarter rose on an underlying basis, and that its integration of data provider Refinitiv is well under way. The stock-exchange and financial-information company said pro forma total income--excluding recoveries--for the first three months of the year was 1.68 billion pounds ($2.34 billion) compared with GBP1.70 billion for the same period last year.

UBS takes surprise $774 million Archegos hit

1 week 4 days ago
UBS Group AG said it lost $774 million from the implosion last month of Archegos Capital Management, a bigger hit than analysts expected, deepening the damage caused by the fund. Switzerland's biggest bank by assets said it lost the money from closing out a U.S. fund's trades. It took $434 million off net profit in the quarter, which overall was up 14% at $1.82 billion because of a surge in investment banking revenue from strong stock markets.
38 minutes 26 seconds ago
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