Credit Suisse: affected by US hedge fund default
(CercleFinance.com) - In a trading update, Credit Suisse warns that a major US hedge fund has defaulted on margin calls that were made last week by Credit Suisse and several other banks.
As a result of the fund's inability to meet these margin calls, Credit Suisse and the other banks are exiting these positions, resulting in a loss whose exact size cannot yet be quantified.
Credit Suisse says that this could have a very significant impact on its first quarter results, despite the positive trends announced in the company's update earlier this month, which intends to provide an update on this issue in due course.
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As a result of the fund's inability to meet these margin calls, Credit Suisse and the other banks are exiting these positions, resulting in a loss whose exact size cannot yet be quantified.
Credit Suisse says that this could have a very significant impact on its first quarter results, despite the positive trends announced in the company's update earlier this month, which intends to provide an update on this issue in due course.
Copyright (c) 2021 CercleFinance.com. All rights reserved.