The New Paper

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).
This story is from the April 6, 2021 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.