Credit Suisse Expected to Publish Details of Archegos Failures

106
8
Favorite

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 ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

106

Report

Comment（8）

yourself
·2021-07-28
Ichiran ramen
Reply
1
Report
Ivanjerz
·2021-07-28
?
Reply
2
Report
Fold Replies
- Naureen:
  Ok
  2021-07-28
  Reply
  Report
boonzzzzz
·2021-07-28
G
Reply
2
Report
JJ014
·2021-07-28
Like please
Reply
1
Report
Fold Replies
- fortuna:
  Done
  2021-07-28
  Reply
  Report
Thomas9413
·2021-07-28
Cool
Reply
2
Report
plasticbag
·2021-07-28
Gg
Reply
2
Report
Fold Replies
- plasticbag:
  gg
  2021-07-28
  Reply
  Report
EzyMoolah
·2021-07-28
Pls like and comment thanks
Reply
3
Report
Fold Replies
- Thomas9413:
  Ok
  2021-07-28
  Reply
  Report
bulldoze
·2021-07-28
Just get over with it already
Reply
7
Report
Fold Replies
- EzyMoolah:
  ?
  2021-07-28
  Reply
  Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1109237844?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-07-28 17:49","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1109237844","market":"us","top_or_hot":-1,"title":"Credit Suisse Expected to Publish Details of Archegos Failures","media":"The Wall Street Journal","content":"<div>\n<p>Report could come as soon as Thursday, is likely to focus on bank’s risk management unit, human errors in judgment and unheeded risk\nCredit Suisse amassed more than $20 billion of exposure to ...</p>\n\n<a href=\"https://www.wsj.com/articles/credit-suisse-expected-to-publish-details-of-archegos-failures-11627423084?mod=hp_lista_pos2\">Source Link</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Credit Suisse Expected to Publish Details of Archegos Failures</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCredit Suisse Expected to Publish Details of Archegos Failures\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-28 17:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/credit-suisse-expected-to-publish-details-of-archegos-failures-11627423084?mod=hp_lista_pos2><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Report could come as soon as Thursday, is likely to focus on bank’s risk management unit, human errors in judgment and unheeded risk\nCredit Suisse amassed more than $20 billion of exposure to ...</p>\n\n<a href=\"https://www.wsj.com/articles/credit-suisse-expected-to-publish-details-of-archegos-failures-11627423084?mod=hp_lista_pos2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.wsj.com/articles/credit-suisse-expected-to-publish-details-of-archegos-failures-11627423084?mod=hp_lista_pos2","article_id":"1109237844","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1109237844","pubTimestamp":1627465773,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"Report could come as soon as Thursday, is likely to focus on bank’s risk management unit, human erro","collect":0,"end_time":0,"defaultTopTitle":"wsj.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"瑞士信贷预计将公布阿奇戈斯失败的细节","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CS":0.9},"content_text":"Report could come as soon as Thursday, is likely to focus on bank’s risk management unit, human errors in judgment and unheeded risk\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.\nCredit Suisse Group AG is likely to publish an investigation as soon as Thursday into the breakdown that led to massive losses from family office Archegos Capital Management, people familiar with the matter said.\nThe detailed report could become public around the time Credit Suisse reports second-quarter earnings, the people said. The report focuses on problems in the bank’s risk management unit, human errors in judgment and unheeded risk in concentrated positions, some of the people said.\nIt is expected to detail the bank’s failures, similar to lengthy reviews around other major bank losses, such as JPMorgan Chase & Co.’s $6 billion trading loss,known as the “London Whale,” and Wells Fargo & Co.’s sales practices scandal.\nThe collapse of Archegos, piled on top of the insolvency of another key Credit Suisse client, Greensill Capital, plunged the storied Swiss lender into crisis earlier this year. Credit Suisse took the biggest hit on Wall Street from Archegos—more than $5.5 billion.\nCredit Suisse ousted its chief risk officer, investment bank head and others and turned to investors for $2 billion in fresh capital to shore up the bank’s balance sheet. The Swiss regulator, Finma, opened civil enforcement proceedings against Credit Suisse. 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. Some bank analysts say they now expect significant further cuts to the investment bank.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":801066661,"gmtCreate":1627474368353,"gmtModify":1703490627857,"author":{"id":"4089375229568220","authorId":"4089375229568220","name":"yourself","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4089375229568220","authorIdStr":"4089375229568220"},"htmlText":"Ichiran ramen","listText":"Ichiran ramen","text":"Ichiran ramen","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/801066661","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":801004205,"gmtCreate":1627470211707,"gmtModify":1703490559948,"author":{"id":"3576150695220432","authorId":"3576150695220432","name":"Ivanjerz","avatar":"https://static.tigerbbs.com/f1352b9896c990508116aac50fcb326a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576150695220432","authorIdStr":"3576150695220432"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/801004205","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5357653,"gmtCreate":1627470367207,"gmtModify":1663231619039,"authorId":3581990223807444,"author":{"id":3581990223807444,"idStr":"3581990223807444","authorId":3581990223807444,"name":"Naureen","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":801004205,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":801001199,"gmtCreate":1627469631811,"gmtModify":1703490552152,"author":{"id":"4090549009960370","authorId":"4090549009960370","name":"boonzzzzz","avatar":"https://static.tigerbbs.com/e6ca736a207572315aaa697905bb044a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4090549009960370","authorIdStr":"4090549009960370"},"htmlText":"G","listText":"G","text":"G","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/801001199","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":803770369,"gmtCreate":1627468291851,"gmtModify":1703490532248,"author":{"id":"3571630199815004","authorId":"3571630199815004","name":"JJ014","avatar":"https://static.tigerbbs.com/661c75ba843f44f00828a2f6f9be9276","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3571630199815004","authorIdStr":"3571630199815004"},"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/803770369","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5357436,"gmtCreate":1627468395431,"gmtModify":1635219585770,"authorId":3572304910905752,"author":{"id":3572304910905752,"idStr":"3572304910905752","authorId":3572304910905752,"name":"fortuna","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.09.26","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":803770369,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"}],"langContent":"EN"},{"id":803742593,"gmtCreate":1627467992512,"gmtModify":1703490527553,"author":{"id":"3585385605908328","authorId":"3585385605908328","name":"Thomas9413","avatar":"https://static.tigerbbs.com/effcfaa82ddb11a4fa57136b2a6f8351","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":1,"crmLevelSwitch":0,"idStr":"3585385605908328","authorIdStr":"3585385605908328"},"htmlText":"Cool&nbsp;","listText":"Cool&nbsp;","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803742593","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":803740040,"gmtCreate":1627467407780,"gmtModify":1703490517774,"author":{"id":"3585042599146244","authorId":"3585042599146244","name":"plasticbag","avatar":"https://static.tigerbbs.com/75759bfc97d94798a8f93df583a58523","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3585042599146244","authorIdStr":"3585042599146244"},"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/803740040","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5357327,"gmtCreate":1627467415310,"gmtModify":1663231620250,"authorId":3585042599146244,"author":{"id":3585042599146244,"idStr":"3585042599146244","authorId":3585042599146244,"name":"plasticbag","avatar":"https://static.tigerbbs.com/75759bfc97d94798a8f93df583a58523","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":803740040,"type":1,"supId":0,"prevId":0,"content":"<u>gg</u>","text":"<u>gg</u>","html":"<u>gg</u>"}],"langContent":"EN"},{"id":803755289,"gmtCreate":1627467137341,"gmtModify":1703490514188,"author":{"id":"3581634665667334","authorId":"3581634665667334","name":"EzyMoolah","avatar":"https://static.tigerbbs.com/987a65562727b7b97634a2e241955abb","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581634665667334","authorIdStr":"3581634665667334"},"htmlText":"Pls like and comment thanks","listText":"Pls like and comment thanks","text":"Pls like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/803755289","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5357393,"gmtCreate":1627468001472,"gmtModify":1663231619740,"authorId":3585385605908328,"author":{"id":3585385605908328,"idStr":"3585385605908328","authorId":3585385605908328,"name":"Thomas9413","avatar":"https://static.tigerbbs.com/effcfaa82ddb11a4fa57136b2a6f8351","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":803755289,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":803724202,"gmtCreate":1627466305106,"gmtModify":1703490502213,"author":{"id":"3586734752682837","authorId":"3586734752682837","name":"bulldoze","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3586734752682837","authorIdStr":"3586734752682837"},"htmlText":"Just get over with it already","listText":"Just get over with it already","text":"Just get over with it already","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/803724202","repostId":1109237844,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5357299,"gmtCreate":1627467151300,"gmtModify":1663231619041,"authorId":3581634665667334,"author":{"id":3581634665667334,"idStr":"3581634665667334","authorId":3581634665667334,"name":"EzyMoolah","avatar":"https://static.tigerbbs.com/987a65562727b7b97634a2e241955abb","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":803724202,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":106,"commentSize":8,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}