Credit Suisse expects to make a $960m loss for Q1. It had planned to ask shareholders to vote on bonus awards for executives, but it has now cancelled these proposals and it is cutting its proposed dividend payout to shareholders. Chief risk officer Lara Warner and investment banking chief, Brian Chin will leave in April.
It also warned of a $4.7bn loss from Archegos' implosion alone. CS was one of the last to try to unload its shares in Viacom, selling at just over $40 per share, compared with the $100 it was priced earlier in March.
It said it had yet to calculate the cost of its involvement with Greensill Capital.