by Tyler Durden
Friday, May 28, 2021 - 02:20 PM
Once upon a time, we couldn't go an hour without some dire news involving Deutsche Bank (and its tens of trillions of gross notional derivatives). Now, it's Credit Suisse's turn.
In what was at least the
third flashing-red headline for the day referencing the scandal-plagued Swiss Bank, moments ago Bloomberg reported that Credit Suisse, still humiliated from the billions it lost on Archegos and Greensill and countless subsequent banker terminations and defections, has
temporarily barred clients from pulling their cash from a feeder fund that that was sold as an investment option for rich clients at the bank’s wealth arm, and which invests with Renaissance Technologies "after the strategy tanked and investors rushed to exit."