The head of Credit Suisse’s investment bank, Brian Chin, and its chief risk officer, Lara Warner, are stepping down as the bank braces for a CHF900m loss in the first quarter from its exposure to the $20bn Archegos Capital Management fire sale that has rocked Wall Street.

Christian Meissner, one of the best-known dealmakers in investment banking, who joined the Swiss bank as co-head of international wealth management investment banking advisory in October, will take over leadership of Credit Suisse’s investment bank.