Dear reader,
Lex coined the phrase “chaotic drift” this week to describe the malaise at Credit Suisse. For years, successive crises have spun the business hither and thither. The latest upset, prosaically, is poor performance by the investment banking division. This is set to trigger a group-wide loss for the second quarter.
Previous disasters have included embroilment with defunct hedge fund Archegos, tie-ins with financial disaster artist Lex Greensill and a spying scandal during the incumbency of Tidjane Thiam.
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