Despite the report’s withering assessment of how the lender got burned when the US hedge fund collapsed earlier this year, it doesn’t allege criminality inside the Swiss bank
ZURICH: Credit Suisse Group AG failed to properly monitor tens of billions of dollars of exposure that piled up while handling trades for Archegos Capital Management that generated relatively little revenue, according to people briefed on the findings of the bank’s internal inquiry.
The report into how the bank lost about US$5.5bil (RM23.29bil) tied to the collapse of Bill Hwang’s family office paints a picture of due diligence failings as employees chased business that made little economic sense, the people said, asking not to be identified because the conclusions aren’t yet public.
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