Credit Suisse will lose another CHF600m ($654m) from collapsed hedge fund Archegos Capital, following a $4.7bn hit, and will shrink its unit servicing hedge funds after slumping to a loss in a first quarter plagued by crises.

The bank will also raise around CHF1.7bn ($1.9bn) in additional capital, as it issues notes convertible into 203 million shares. This will raise its common equity tier 1 ratio from 12.2% to 13%.