Credit Suisse's $5.5bn loss from the collapse of family office Archegos Capital was down to a "fundamental failure of management" and a "lackadaisical attitude towards risk and risk discipline", according to a damning 172-page report into the crisis.

The bank did not heed numerous warning signs and hollowed out talent within its prime services risk team, the report published on 29 July said. The Swiss lender was "focused on maximising short-term profits" and failed to rein in — or even enabled — Archegos' "voracious risk-taking", it added.