Hedge fund fallout wipes over $9 billion from market value of Credit Suisse, Nomura

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Shares in Nomura and Credit Suisse fell further on Wednesday, with a collective $9 billion wiped off their market value so far this week as the banks braced for big losses from the blow-up of U.S.-based hedge fund Archegos Capital.

Credit Suisse and Nomura were slower than rivals to cut their exposure to Archegos, a family office run by former Tiger Asia manager Bill Hwang. Global lenders that acted as brokers for Archegos may have to write down more $6 billion after the fund defaulted on payments, Reuters has reported.

The bank’s market capitalisation has shrunk by five billion Swiss francs since Friday to 25.57 billion Swiss francs . Sources estimate Credit Suisse’s losses may total $5 billion but the bank declined to comment. “Outflows? P&L impact? Insurance coverage? Quality of underlying assets? Litigation? Developments around involved partners? Reputational impact? Impact on strategy?” they wrote.

Ratings agencies added to the pressure as Moody’s slashed its outlook on Nomura to “negative”, citing potential deficiencies in its risk management process.

 

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