Hedge Funds

Credit Suisse Takes $4.7bn Hedge Fund Hit

by timesofmalta.com posted 5months ago 36 views
Credit Suisse said on Tuesday that it had taken a $4.7 billion (€3.9bn) hit from its links to troubled hedge fund Archegos Capital Management, cut dividends and announced the departure of two senior executives. The Swiss bank and Japan’s Nomura warned last month that they could face significant losses due to their exposure to a US hedge fund forced to liquidate its holdings. “The significant loss in our Prime Services business relating to the failure of a US-based hedge fund is unacceptable,” CEO Thomas Gottstein said in statement on Tuesday.

In this article