Credit Suisse had just a single senior risk manager in its US prime services division last year as the bank ramped up its exposure to collapsed family office Archegos Capital, which has cost the bank $5.5bn, a sweeping report into the crisis revealed.

The report said that the former head of prime services risk at Credit Suisse who took the job in 2020 had no prior in-business risk experience and was “forced to learn on the job”, coached by more junior staff and was the only prime services risk managing director in the US following a cost-cutting programme at the bank.