Stay updated with breaking news from Parshu shah. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
(Bloomberg) Newly promoted to equities Delta One head at Credit Suisse Group AG in February 2021, Josh Lukeman said he only became familiar with Archegos Capital Management that month.Most Read from BloombergWall Street Returns to T+1 Stock Trading After a CenturyTreasuries Hit as US Sales Struggle to Lure Buyers: Markets WrapFor Private Credit’s Top Talent, $1 Million a Year Is Not EnoughIsraeli Airstrike and Egyptian Guard’s Death Ratchet Up TensionsMortgages Stuck Around 7% Force Rapid Ret ....
Credit Suisse's Archegos Debacle Takes Hwang Trial Spotlight bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
more than $20 billion. While the bank has said that its losses on the positions amounted to $4.7 billion, WSJ, citing people familiar with the matter, reports that Archegos bets on a collection of stocks swelled in the lead-up to its March collapse, but parts of the investment bank hadn t fully implemented systems to keep pace with Archegos s fast growth. Some inside the bank who were familiar with Archegos s exposure had thought it was a fraction of the roughly $20 billion figure, one of the people familiar with the matter said. Finally, we note none of this is really surprising given that, as we just detailed, Bloomberg on Wednesday published an anonymously sourced story laying the blame for the Archegos blowup at the feet of ....
Credit Suisseâs Prime Unit Risk Chief Had Been Archegos Salesman This content was published on April 21, 2021 - 15:06 April 21, 2021 - 15:06 (Bloomberg) Wall Street banks have long relied on a familiar system to limit the dangers of trading with big clients: assign sales staff to win deals, and risk controllers to keep them in check even if it sacrifices some profit.At Credit Suisse Group AG, executives had given the point salesman to Archegos Capital Management on its swaps desk the new responsibility of instead overseeing risk-taking in the broader prime-brokerage unit, according to people with knowledge of the matter. This year, Archegosâs swap bets spectacularly collapsed, saddling the bank with a $4.7 billion writedown, and setting it up as the biggest loser to emerge from the debacle at Bill Hwangâs family office. ....
Credit Suisse Executives to Depart After Archegos Losses This content was published on April 6, 2021 - 02:11 April 6, 2021 - 02:11 (Bloomberg) Credit Suisse Group AG is shaking up its executive ranks after the Zurich-based lender was hit hard by the collapse of Archegos Capital Management. Investment bank chief Brian Chin is set to leave in an exit that may be announced as soon as Tuesday, according to people familiar with the matter, who asked not to be identified because the move hasn’t been made public. Chief Risk Officer Lara Warner is also departing, along with a number of business heads, although Chief Executive Officer Thomas Gottstein will be spared. ....