"These include organizational and risk reduction measures and capital surcharges, as well as reductions or interruptions in variable remuneration components. These precautionary and temporary measures are intended to complement and strengthen the steps already taken by the bank." The move was based on assets reported that Switzerland's second-largest bank reported SFr757m ($ 825 million) in losses in the first quarter, warning that pre-tax losses could be as high as SFr900m previously. The bank would have reported the best quarter at least a decade thanks to a 31% year-over-year increase in revenue, but was forced to withdraw 4.4 million euros in losses related to Archegos Capital. "The loss we reported this quarter is therefore unacceptable," said Thomas Gottstein, CEO of Credit Suisse. "Together with the board of directors, we have taken important steps to address this situation, as well as the supply chain funding funds."