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.
So many bitcon traders on Twitter are trickster AmeliaMARKD thank you for opening my eyes to their ways now I’m pretty sure I’ll be able to help others
Stupid put money in hedge fund, smart ones buy bitcoin
I'm so grateful to the Lord for bringing lisa_broklyn2 into my life because she has helped me in recovery of my loss, after being scammed several times but I continued until I connected lisa_broklyn2 who I'm trading with currently and I get withdrawals with ease every week