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By Lorcan Roche Kelly

April 6, 2021 at 10:31 AM UTC

Credit Suisse takes $4.7 billion hit, Biden's plan gets a boost, and nuclear talks begin in Vienna.

Credit Suisse Group AG will take a 4.4 billion franc ($4.7 billion) writedown tied to the implosion of Archegos Capital Management. The firm will also replace at least seven executives and cut dividends, suspend buybacks and scrap bonuses for top executives. Shares in ViacomCBS Inc., Vipshop Holdings Ltd. and Farfetch Ltd. declined in postmarket trading after the bank unloaded $2.3 billion worth of those companies' stocks in block trades tied to the Archegos blowup before this morning's announcement.