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Credit Suisse shutters prime broking after $5.5bn Archegos hit in pivot towards wealth management
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Credit Suisse is quitting prime broking and cutting the capital allocated to its investment bank by $3bn — or 25% — under a strategy shift unveiled by chairman António Horta-Osório after a series of scandals at the bank.
The Swiss bank said that it was exiting prime broking, services offered to hedge funds that were at the heart of its $5.5bn loss from the collapse of Bill Hwang's family office, Archegos Capital.
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