Credit Suisse Prime-Brokerage Heads to Leave After Archegos
This content was published on April 20, 2021 - 06:48
April 20, 2021 - 06:48
(Bloomberg) Credit Suisse Group AG’s prime-brokerage co-heads are leaving the bank in the wake of its $4.7 billion loss from the implosion of Archegos Capital Management, according to a company memo.
John Dabbs and Ryan Nelson will step down immediately while assisting Credit Suisse through mid-May on an orderly transition, the bank said in the memo. Roger Anerella was appointed interim head of prime services, while Doug Crofton was made head of Americas cash with responsibility for execution and advisory sales and Stuart McGuire put in a similar role for Europe, Middle East and Africa. Credit Suisse representatives declined to comment.
Credit Suisse Prime-Brokerage Heads to Leave After Archegos Loss swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Credit Suisse Group AG was sued by a small pension fund that alleges the bank misled investors and let “high-risk clients” including Greensill Capital and Archegos Capital Management take on too much leverage, in one of the first lawsuits since the twin debacles. The Michigan pension fund, City of St. Clair Shores Police & Fire Retirement System, filed the suit on Friday in federal court in Manhattan, seeking to represent all shareholders who bought Credit Suisse American depositary receipts between Oct. 29 and March 31. The fund alleges that the bank “concealed material defects in the company’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage,” exposing the bank to “billions of dollars in losses.” A representative of Credit Suisse declined to comment on the lawsuit. Greensill was left fighting for survival last month as investors cut ties over worries about the creditworthin
Credit Suisse Sells $2 Billion of Archegos-Linked Stocks
This content was published on April 14, 2021 - 08:09
April 14, 2021 - 08:09
(Bloomberg) Credit Suisse Group AG unloaded about $2 billion of stocks tied to the Archegos Capital Management blowup in the second such block sale since the bank wrote down the bulk of its exposure in the first quarter.
The stock offerings included Discovery Inc. and Iqiyi Inc., adding to some $2.3 billion worth of shares tied to the debacle that the bank sold last week, according to people familiar with the matter. The trades follow a torrent of similar transactions that had already erased about $194 billion in market value as banks from New York to Zurich and Tokyo unwound leveraged equity bets by Bill Hwang’s family office.
Credit Suisse Is Offering Blocks of Archegos-Linked Stocks upstract.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from upstract.com Daily Mail and Mail on Sunday newspapers.