Business
Credit Suisse warns of ‘highly significant’ loss from hedge fund default – Sydney Morning Herald
The Swiss giant warns of a loss from a default by a US-based hedge fund on margin calls that it and other banks made last week.
Swiss bank Credit Suisse said it may have suffered a highly significant loss from a default by a US-based hedge fund on margin calls that it and other banks made last week, while Japans Nomura said it could face a loss of $US2 billion ($2.6 billion) due to an event with a US client.
Credit Suisse didnt identify the significant hedge fund or the other banks affected, or give other details of what happened. News reports identified the hedge fund as New York-based Archegos Capital Management.
Credit…
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