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Credit Suisse unloads $2.3 billion of stocks tied to Archegos Capital


Credit Suisse unloads $2.3 billion of stocks tied to Archegos Capital
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Last Updated: Apr 06, 2021, 07:13 AM IST
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Synopsis
The unwinding of Bill Hwang’s Archegos portfolio has turned into one of the biggest fund flameouts since Long-Term Capital Management’s demise in the 1990s.
Reuters
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By Drew Singer, Sridhar Natarajan, Crystal Tse and Gillian Tan
Credit Suisse Group AG unloaded about $2.3 billion worth of stocks tied to the Archegos Capital blowup more than a week after some rivals dumped their shares and skirted losses.
The Swiss bank hit the market with block trades tied to ViacomCBS Inc., Vipshop Holdings Ltd. and Farfetch Ltd., a person with knowledge of the matter said. The stocks traded substantially below where they were last month before Bill Hwang’s family office imploded. ....

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Credit Suisse Scandal Toll Goes Ever Higher as Rivals Thrive


Credit Suisse Scandal Toll Goes Ever Higher as Rivals Thrive
This content was published on April 6, 2021 - 20:30
April 6, 2021 - 20:30
(Bloomberg) In an era of prosperity for investment banks, Credit Suisse Group AG is careening from one crisis to another and then another this time, with a $4.7 billion writedown tied to billionaire investor Bill Hwang’s trading blowout.
The staggering hit the largest yet linked to market-shaking losses run up by Hwang’s Archegos Capital Management prompted sweeping management changes at the Swiss bank Tuesday and cast fresh doubt on its checkered record of managing risks. It caps a catalog of costly errors at Credit Suisse most recently the collapse of Greensill Capital in what was supposed to be the start of steadier era under Chief Executive Officer Thomas Gottstein. ....

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