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Credit Suisse's Exposure to Archegos Investments Grew to More Than $20 Billion

Provided by
Dow Jones
By Emily Glazer, Maureen Farrell and Margot Patrick
Credit Suisse Group AG amassed more than $20 billion of exposure to investments related to Archegos Capital Management, but the bank struggled to monitor them before the fund was forced to liquidate many of its large positions, according to people familiar with the matter.
The U.S. family investment firm s 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, the people said.
Credit Suisse Chief Executive Thomas Gottstein, and Chief Risk Officer Lara Warner, who recently departed the bank, only became aware of the bank s exposure to Archegos in the days leading up to the forced liquidation of the fund, people familiar with the bank said. Neither Mr. Gottstein nor Ms. Warner had been aware of the fund as a major client befor ....

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Credit Suisse Races to Contain Archegos Hit With Capital Raising

Credit Suisse Races to Contain Archegos Hit With Capital Raising
Bloomberg
4 hrs ago
Patrick Winters and Marion Halftermeyer
(Bloomberg) Credit Suisse Group AG moved to contain the fallout from two of the worst hits in its recent history with a surprise capital increase and a sweeping overhaul of its business with hedge funds.
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Switzerland’s second-largest bank is raising $2 billion from investors to shore up capital depleted by $5.5 billion in losses from the collapse of Archegos Capital Management. Chief Executive Officer Thomas Gottstein, who until recently had brushed off concerns that Credit Suisse was taking excessive risks, struck a humble tone Thursday, vowing to slash lending in the hedge fund unit at the center of the losses by a third. ....

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Credit Suisse Raises $2 Billion; Warns on More Archegos Pain

Credit Suisse Raises $2 Billion; Warns on More Archegos Pain
This content was published on April 22, 2021 - 07:09
April 22, 2021 - 07:09
(Bloomberg) Credit Suisse Group AG is raising about $2 billion to shore up capital after warning of another financial hit from the Archegos Capital Management collapse, adding to the Swiss bank’s woes after two blowups within a month left investors nursing losses and questioning its leadership.
The bank, which exited about 97% of its exposure to Archegos, expects a related 600 million-franc ($654 million) hit in the second quarter and is tapping investors for about 1.8 billion francs of funding with two notes convertible into 203 million shares. Swiss regulator Finma has now started enforcement proceedings against Credit Suisse and the bank said it plans to cut back the prime brokerage business at the center of the losses. ....

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Credit Suisse Raises $2 Billion as CEO Cuts Hedge Fund Unit

Credit Suisse Raises $2 Billion as CEO Cuts Hedge Fund Unit
This content was published on April 22, 2021 - 11:14
April 22, 2021 - 11:14
(Bloomberg) Credit Suisse Group AG is raising $2 billion from investors and cutting the hedge fund unit at the center of the Archegos Capital Management losses as Chief Executive Officer Thomas Gottstein seeks to recover from one of the most turbulent periods in the bank’s recent history.
Credit Suisse, which has exited about 97% of its exposure to Archegos, expects a related 600 million-franc ($654 million) loss in the second quarter, taking the total hit from the collapse to about $5.5 billion. In response, it’s cutting about a third of its exposure in the prime business catering to hedge fund clients, while strengthening capital with the sale of notes converting into shares. ....

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Credit Suisse raises $2 billion as CEO Gottstein cuts hedge fund unit

Credit Suisse Group AG is raising $2 billion from investors and cutting the hedge fund unit at the center of the Archegos Capital Management losses as Chief Executive Officer Thomas Gottstein seeks to recover from one of the most turbulent periods in the bank’s recent history.
Credit Suisse, which has exited about 97% of its exposure to Archegos, expects a related 600 million-franc ($654 million) loss in the second quarter, taking the total hit from the collapse to about $5.5 billion. In response, it’s cutting about a third of its exposure in the prime business catering to hedge fund clients, while strengthening capital with the sale of notes converting into shares. ....

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