Credit Suisse slides 10% at the open as it warns of ‘significant’ losses following U.S. hedge fund hit

cnbc2021-03-29

KEY POINTSIn a trading update before the market open, the Zurich-based lender said a number of other banks were also affected and had begun exiting their positions with the firm.The bank added that it...

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MightyPooP
2021-03-29
MightyPooP
I hope more hedgies get the wedgies! Please like and comment. Go GME! TO THE MOON! [得意]

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The investor then has to either deposit into the account, or sell some of the assets held in it.Nomura also issued a trading update on Monday warning of a “significant loss” at one of its U.S. subsidiaries resulting from transactions with a client stateside. Japan’s largest investment bank said it was evaluating the potential extent of the loss, estimated at $2 billion.“This estimate is subject to change depending on unwinding of the transactions and fluctuations in market prices,” the bank said.“Nomura will continue to take the appropriate steps to address this issue and make a further disclosure once the impact of the potential loss has been determined.”It comes asArchegos Capital Management was forced to liquidate some positions at the end of last week. The moves by the multibillion dollar U.S. family office, founded by former Tiger Management equity analyst Bill Hwang, caused a wave of selling pressure on Friday, with U.S. media stocks and Chinese internet ADRs taking the brunt.Tumultuous time for Credit SuisseThe latest developments come amid a tumultuous 18 months for Credit Suisse. Earlier this month, thebank announced a shakeup of its asset management businessand a suspension of bonuses as it looked to contain the damage from the collapse of British supply chain finance firm Greensill Capital.Credit Suisse’s asset management unit held $10 billion of the firm’s funds and noted that some investors had threatened legal action.Meanwhile, in February 2020, formerCEO Tidjane Thiam resigned following a spying scandalthat engulfed the bank in 2019. Thiam maintained that he had no knowledge of the surveillance of two former colleagues, including departed wealth management boss Iqbal Khan.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":352794415,"gmtCreate":1617002561237,"gmtModify":1634523203851,"author":{"id":"3575163551534398","authorId":"3575163551534398","name":"MightyPooP","avatar":"https://static.tigerbbs.com/aec66d00ca2b1f2b75412008d93edd14","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"I hope more hedgies get the wedgies! Please like and comment. Go GME! TO THE MOON!&nbsp;[得意]&nbsp;","listText":"I hope more hedgies get the wedgies! Please like and comment. Go GME! TO THE MOON!&nbsp;[得意]&nbsp;","text":"I hope more hedgies get the wedgies! Please like and comment. Go GME! TO THE MOON! 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The investor then has to either deposit into the account, or sell some of the assets held in it.Nomura also issued a trading update on Monday warning of a “significant loss” at one of its U.S. subsidiaries resulting from transactions with a client stateside. Japan’s largest investment bank said it was evaluating the potential extent of the loss, estimated at $2 billion.“This estimate is subject to change depending on unwinding of the transactions and fluctuations in market prices,” the bank said.“Nomura will continue to take the appropriate steps to address this issue and make a further disclosure once the impact of the potential loss has been determined.”It comes asArchegos Capital Management was forced to liquidate some positions at the end of last week. The moves by the multibillion dollar U.S. family office, founded by former Tiger Management equity analyst Bill Hwang, caused a wave of selling pressure on Friday, with U.S. media stocks and Chinese internet ADRs taking the brunt.Tumultuous time for Credit SuisseThe latest developments come amid a tumultuous 18 months for Credit Suisse. Earlier this month, thebank announced a shakeup of its asset management businessand a suspension of bonuses as it looked to contain the damage from the collapse of British supply chain finance firm Greensill Capital.Credit Suisse’s asset management unit held $10 billion of the firm’s funds and noted that some investors had threatened legal action.Meanwhile, in February 2020, formerCEO Tidjane Thiam resigned following a spying scandalthat engulfed the bank in 2019. Thiam maintained that he had no knowledge of the surveillance of two former colleagues, including departed wealth management boss Iqbal Khan.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":14,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1157007398"}