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Credit Suisse’s head of equities trading is stepping down as the bank braces for a huge hit from the Archegos collapse

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FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland June 22, 2020. REUTERS/Arnd Wiegmann/File Photo

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The head of equities sales and trading at Credit Suisse is stepping down, according to a person with knowledge of the move, as the bank grapples with what could be a loss totalling in the billions tied to the blowup of Archegos Capital Management. 

Equities chief Paul Galietto joined Credit Suisse in 2017 and previously worked as the bank’s global head of prime services and head of Americas equities. A spokesperson declined to comment on Monday. 

Investment banking chief Brian Chin is also leaving the bank, Bloomberg News reported on Monday, citing people familiar with the matter. Chief Risk Officer Lara Warner is also set to depart, the Financial Times reported later on Monday, citing people with knowledge of the move. 

This is a developing story and will be updated. 

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