Credit Suisse suffers 'unacceptable' loss

Credit Suisse has asked investors for almost $2bn as it seeks to rebuild its finances after suffering what the chief executive called "unacceptable" losses.

The collapse of US hedge fund Archegos has dragged Credit Suisse into the red, as the Swiss bank outlined plans to raise more capital. Switzerland’s financial regulator, Finma, has also launched an investigation over the matter.

The bank is also a creditor of failed financial firm Greensill, which suffered a major loss over its role funding the UK's Liberty Steel.

On Thursday, Credit Suisse posted a 757m Swiss franc ($827m; £594m) loss for the first three months of the year, having previously warned that losses could reach SFr900m.

It would have been the bank's best trading quarter for a decade, but Credit Suisse was forced to write off SFr4.4bn related to the Archegos collapse.

Meanwhile, administrators overseeing Greensill's activities said that its Australian parent company had entered liquidation.

The administrator will now wind down Greensill activities and attempt to sell off parts of the business to help repay creditors.