Morgan Stanley exited part of Archegos holdings before most rivals
The bank s sale of $5 billion of shares owned by Archegos on March 25, the day before the deluge of block trades by other firms, helped Morgan Stanley emerge largely unscathed from the fund s flameout.
April 7, 2021
Morgan Stanley sold $5 billion of shares owned by Archegos Capital Management a day before a deluge of block trades sent shockwaves across capital markets.
The sale of the basket of shares on March 25 was completed at a fixed discount, according to a person with knowledge of the matter, who asked not to be identified discussing private transactions.
By Reuters Staff
3 Min Read
April 6 (Reuters) - Credit Suisse Group on Tuesday announced an estimated charge of 4.4 billion Swiss francs ($4.7 billion) from its relationship with Archegos Capital Management LP, suspended a share buyback programme and cut its proposed dividend.
Following are reactions to the development.
MICHAEL KUNZ, ANALYST AT ZUERCHER KANTONALBANK
“An individual case has ruined the otherwise successful work of the bank as a whole in the first quarter. At least - in our opinion - personnel consequences have now been taken. The main damage, however, has been inflicted on shareholders, who have to make do with a lower dividend and a suspended share buyback. In view of the bank’s vulnerability to risk..it does not seem appropriate to us to recommend bets on the securities of CS Group.”
Credit Suisse Group on Tuesday announced an estimated charge of 4.4 billion Swiss francs ($4.7 billion) from its relationship with Archegos Capital Management…
By Reuters Staff
3 Min Read
(Reuters) -Credit Suisse Group on Tuesday announced an estimated charge of 4.4 billion Swiss francs ($4.7 billion) from its relationship with Archegos Capital Management LP, suspended a share buyback programme and cut its proposed dividend.
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. REUTERS/Arnd Wiegmann/File Photo
Following are reactions to the development.
MICHAEL KUNZ, ANALYST AT ZUERCHER KANTONALBANK
“An individual case has ruined the otherwise successful work of the bank as a whole in the first quarter. At least - in our opinion - personnel consequences have now been taken. The main damage, however, has been inflicted on shareholders, who have to make do with a lower dividend and a suspended share buyback. In view of the bank’s vulnerability to risk..it does not seem appropriate to us to recommend bets on the securities of CS Group.”
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