Credit Suisse has issued a report on its earnings that invites whiplash. The bank has lost hundreds of millions due to the collapse of the Archegos’ hedge fund.  Yet the CEO said this was “one of our best quarters in the history of Credit Suisse. Definitely the best quarter in the last 10 years.  He was trying to offset the catastrophic loss by pointing to the success of other divisions.  It didn’t work: The stock dropped anyway.  It would have been better communications had he focused on the issue — unacceptable risk that the investment banking took on.  His words were whistling in the dark, and Wall Street wasn’t fooled.  It is poor PR to try to avoid facts.  Yes, the CEO talked about the loss and the change in management because of it, but he should have stopped there.  The bank’s strength will show eventually but not before it chokes down the huge losses it incurred.  PR isn’t putting lipstick on a pig.  

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