Venture Capital

Credit Suisse (cs) Expects To Report Q1 Loss On Archegos Fallout

by finance.yahoo.com posted 5months ago 34 views
Credit Suisse (CS) projects a CHF 4.4 billion financial hit on account of the Archegos Capital Management crisis. : Credit Suisse CS announced that it expects to report a pre-tax loss of about CHF900 million for the first quarter of 2021 on a CHF 4.4 billion ($4.7 billion) hit. The charge relates to Archegos Capital Management, a U.S.-based hedge fund, which defaulted on a margin call made on Mar 26. The charge will offset all the profits bagged from quite a strong quarter for investment banking businesses.