Credit Suisse on Thursday asked investors for $1.9 billion to rebuild its finances after suffering what CEO Thomas Gottstein called “unacceptable” losses.
The Swiss banking giant was on course to achieve its best trading quarter for a decade—until it was forced to write off $4.7 billion through its exposure to the collapse of U.S. hedge fund Archegos Capital. Instead, the bank posted a 757 million Swiss franc (U.S. $825 million) loss for the first three months of the year, having previously warned losses could reach $980 million.
