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  • In a trading update, Credit Suisse said a number of other banks were also affected and had begun exiting their positions with the firm.
  • Credit Suisse shares slid nearly 14% following the announcement.
  • 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. Shares fell 16%.

LONDON — Credit Suisse and Nomura warned Monday of “significant” hits to first-quarter results, after they began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week.

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While neither Credit Suisse nor Nomura named the fund, it’s been widely reported that Archegos Capital Management is the firm connected to the fire sale.

In a trading update before the market open, Credit Suisse said a number of other banks were also affected and had begun exiting their positions with the unnamed firm. The Zurich-based lender’s shares closed down nearly 14% on Monday following the announcement.

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“While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be highly significant and material to our first quarter results, notwithstanding the positive trends announced in our trading statement earlier this month,” Credit Suisse said. It added that it would provide a further update on the matter “in due course.”

www.cnbc.com/2021/03/29/credit-suisse-exits-positions-with-hedge-fund-warns-of-losses.html

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