Credit Suisse girds for billions in losses from Archegos Capital hit

Credit Suisse Group AG hadn’t finished the probe of its last crisis when the newest one hit.

The Swiss bank expects its loss tied to the implosion of Archegos Capital Manag­ement to run into the billions, according to people with knowledge of the matter. The firm spent Monday trying to calm its shell-shocked staff while facing heat from investors already reeling from the bank’s exposure to Greensill Capital’s collapse earlier this month.

March’s blowups may wipe out more than a year of profits for the bank and threaten its stock buyback plans, as well as adding to the reputational hit from other