Venture Capital

Credit Suisse Raises $2 Billion; Warns On More Archegos Pain

by posted 5months ago 49 views
(Bloomberg) -- Credit Suisse Group AG is raising about $2 billion to shore up capital after warning of another financial hit from the Archegos Capital Management collapse, adding to the Swiss bank’s woes after two blow-ups within a month left investors nursing losses and questioning its leadership.The bank, which has exited about 97% of its exposure to Archegos, said it expects a related 600 million-franc ($654 million) hit in the second quarter and has tapped investors for about 1.8 billion francs of funding with two notes convertible into 203 million shares.