April 6, 2021
Credit Suisse announces $5B of losses related to Archegos
Credit Suisse said that it expects to lose nearly $5B in relation to the failure of US-based hedge fund Archegos Capital. The fund went through a widely-publicized collapse last month after facing losses from several highly-levered positions (some of which used a financial instrument called “swaps”). The ensuing liquidation caused billions of dollars of losses across multiple banks and accelerated stock price declines of several companies (including ViacomCBS).