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After Archegos, Credit Suisse Is Gripped by Paralysis and Dread

Months after the costly Greensill and Archegos debacles, employees still don’t know what the future holds.

The challenge of a lifetime for Antonio Horta-Osorio.

The challenge of a lifetime for Antonio Horta-Osorio.

Photo: Bloomberg

Soon after he started at Credit Suisse Group AG, Antonio Horta-Osorio compared the bank’s crisis to the pandemic. Like frontline workers in a country beset by Covid, he said, the Swiss giant’s staff needed to be selfless and put the company’s needs first.

Some bankers were unimpressed by their new chairman’s drawing of parallels between a deadly virus and a corporate emergency, but one similarity rang true: Credit Suisse felt like a place under lockdown.