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Decision Time for Credit Suisse. It Can’t Dawdle

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The Archegos losses were the result of a much deeper rot, catalogued in a frank report by lawyers that was commissioned by the board and published this summer. Before it came to light, Credit Suisse had already lost $214 million when Malachite Capital Management, a hedge fund, defaulted on financing in early 2020. The bank, said its lawyers, “failed to effectively address a culture that encouraged aggressive risk-taking and injudicious cost cutting.” Malachite and Archegos traded different instruments but both were overseen by the same unit at Credit Suisse.

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