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Credit Suisse moves to boosts capital ahead of a further Archegos hit


Credit Suisse moves to boosts capital ahead of a further Archegos hit
Reuters
4 hrs ago
By Brenna Hughes Neghaiwi
© Reuters/ARND WIEGMANN
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich
By Brenna Hughes Neghaiwi
ZURICH (Reuters) -Credit Suisse will raise over $2 billion to strengthen its capital base after flagging a further hit from the collapse of U.S. investment fund Archegos and as Swiss regulators took action against the bank over the multi-billion dollar debacle.
The demise of Archegos and another major client, British finance firm Greensill, triggered losses, sackings and bonus cuts at Credit Suisse at a time when rivals are revelling in bumper profit from trading and dealmaking. Its prime brokerage unit, which funded Archegos stock bets, will be shrunk. ....

United Kingdom , Michael Shields , David Mathers , Brenna Hughes Neghaiwi , Christopher Cushing , Thomas Gottstein , Morgan Stanley , Goldman Sachs Group Inc , Credit Suisse , Lloyds Banking Group , Executive Thomas Gottstein , Executive Antonio Horta Osorio , ஒன்றுபட்டது கிஂக்டம் , மைக்கேல் கவசங்கள் , டேவிட் ம்யாதர்ஸ் , கிறிஸ்டோபர் குஷிங் , தாமஸ் கோதிட்சிதேன் , மோர்கன் ஸ்டான்லி , கோல்ட்மேன் சாக்ஸ் குழு இன்க் , கடன் ஸ்யூயி , லாயிட்ஸ் வங்கி குழு , நிர்வாகி தாமஸ் கோதிட்சிதேன் , நிர்வாகி அன்டோனியோ ஹார்டா ஒஸோரியோ ,

Credit Suisse Taps Investors for Cash After Archegos Loss Widens


Provided by
Dow Jones
By Margot Patrick
Credit Suisse Group AG said it would issue new shares after losses from Archegos Capital Management wiped out a strong first quarter, highlighting the damage caused by the collapse of the investment firm.
On Thursday, the bank said it placed notes that convert to stock in six months to counter damage to its capital position from the loss and new charges imposed by the Swiss financial regulator. The offering will be based on the bank s share price in the coming days and could raise close to $2 billion in fresh capital.
It said it had only a small remaining exposure to Archegos as of Wednesday after selling 97% of its related positions, but lost another $655 million from them in the second quarter, adding to a $4.7 billion charge in the first quarter. ....

David Mathers , Tidjane Thiam , Urs Rohner , Margot Patrick , Thomas Gottstein , Dow Jones Company Inc , Credit Suisse Group , Credit Suisse , Lloyds Banking Group , Archegos Capital Management , Greensill Capital , Executive Ant , Dow Jones , டேவிட் ம்யாதர்ஸ் , ஊர்ச் ரோஹ்னர் , மார்கோட் பேட்ரிக் , தாமஸ் கோதிட்சிதேன் , டோ ஜோன்ஸ் நிறுவனம் இன்க் , கடன் ஸ்யூயி குழு , கடன் ஸ்யூயி , லாயிட்ஸ் வங்கி குழு , நிர்வாகி எறும்பு , டோ ஜோன்ஸ் ,