Credit Suisse Expected to Publish Details of Archegos Failures

The Wall Street Journal2021-07-28

Report could come as soon as Thursday, is likely to focus on bank’s risk management unit, human errors in judgment and unheeded risk Credit Suisse amassed more than $20 billion of exposure to ...

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yourself
2021-07-28
yourself
Ichiran ramen
Ivanjerz
2021-07-28
Ivanjerz
?
- Naureen:
  Ok
boonzzzzz
2021-07-28
boonzzzzz
G
JJ014
2021-07-28
JJ014
Like please
- fortuna:
  Done
Thomas9413
2021-07-28
Thomas9413
Cool
plasticbag
2021-07-28
plasticbag
Gg
- plasticbag:
  gg

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Regulators in the U.S. and the U.K. are probing the losses from Archegos at multiple banks, the Journal previously reported.\nThe report is expected to detail specific problems that enabled Archegos losses to grow so large, including problems that were documented in a page one Wall Street Journal articlein June, the people said.\nWhen Archegos’s position in stocks including ViacomCBS Inc. and Discovery Inc. soared in mid-March, the bank credited Archegos with money it had given to Credit Suisse to secure its bets, the Journal previously reported.\nThe transfer meant Archegos had less cash on the line backing up its positions. Some of Credit Suisse’s rivals demanded more cash to back up Archegos’s investments since there was increasing risk in the concentration of the firm’s positions.\nCredit Suisse amassed more than $20 billion of exposure to investments related to Archegos, equivalent to half the bank’s equity cushion against potential losses, the Journal previously reported.\nCredit Suisse executives also didn’t adequately respond to prior warning signs. The bank lost about $200 million closing out investments for a flailing hedge fund in March 2020 but didn’t make appropriate changes when failures were highlighted in an internal audit afterward, the Journal reported.\nPart of the problem was a key personnel change in the bank’s prime brokerage unit, which handled the Archegos account, after the death of an experienced manager in a ski-lift accident. The report is expected to go into detail on how some executives didn’t adequately escalate Archegos’s growing risk, some of the people familiar said.\nCredit Suisse’s new chairman, António Horta-Osório, has pledged to improve risk management at the bank and is also reviewing its strategy and culture. On Tuesday, the bank named a Goldman Sachs Group Inc.veteran, David Wildermuth,as its next chief risk officer.\nMr. Horta-Osório has said he expects to make decisions before the end of the year about how to restructure the bank in the wake of Archegos and Greensill.\nHe has indicated the focus will continue to be on the bank’s bread-and-butter business of managing wealth for the global rich. Last decade, Credit Suisse pivoted away from a volatile markets trading business to grow in wealth. 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