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Credit Suisse Hedge Fund Exit Cedes Ground To Wall Street Rivals

by finance.yahoo.com posted 3weeks ago 13 views
(Bloomberg) -- Credit Suisse Group AG was one of the few international banks still trying to compete with the biggest Wall Street firms in the lucrative business of serving hedge funds. Now it’s one more that’s thrown in the towel. The Zurich-based bank was the biggest European player in the prime-brokerage industry until a series of risk-management failings led to a $5.5 billion loss on trades with Archegos Capital Management and prompted a strategic overhaul.

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