Credit Suisse records almost £600m loss on Archegos collapse

Loss branded unacceptable' as Swiss bank says hedge fund failure wiped out best quarterly performance in a decade

Credit Suisse swung to a 757m Swiss franc loss (592m) in the first quarter, as the bank reeled from the collapse of US hedge fund Archegos that wiped out what would have otherwise been its best quarterly performances in at least a decade.

The bank has taken the biggest hit from the Archegos collapse among its peers, logging a SFr4.4bn charge in the first quarter. It comes after one of its prime brokerage clients Archegos was forced to liquidate almost $20bn (14bn) in assets last month, in a fire sale that reverberated across global markets.