Credit Suisse racked up about $5.5 billion in losses as a result of its ­exposure as a prime broker to the collapsed hedge fund Archegos CapitalThe Bank of England and the Financial Conduct Authority have warned that “lessons from the global financial crisis have not been learnt sufficiently” and have ordered bank bosses to evaluate their risk management after a review prompted by the collapse of the Archegos Capital hedge fund. In a “dear CEO” letter to banks operating in Britain and those with substantial equity finance operations, officials from the FCA and Prudential Regulation Authority, which is part of the Bank, said that necessary changes to risk management practices, identified after the 2008 financial crisis, had not been embedded in firms’ operations. SponsoredSeveral shortcomings involved “symptoms of a broader root cause”, the regulators said. “Their origins often stem from a risk culture in which frontline business executives fail

Source: The Times December 11, 2021 16:57 UTC