Credit suisse writedown update#

'The portfolio we are acquiring has deep, long-term potential and fits well with our patient and flexible capital,' said Clint Kollar, a partner at TSSP, which has approximately $19 billion in assets under management and was created in 2009 as TPG's global credit and special situations platform.Ĭredit Suisse is due to announce first-quarter results on May 10, when it will give an update on its distressed credit exposure. Credit Suisse Group AG will take a 4.4 billion franc (4.7 billion) writedown tied to the implosion of Archegos Capital Management and replace more than half a dozen executives in response to the firm’s worst trading debacle in over a decade. in Zurich trading, paring losses this year to 9.3 per cent. It may wind down the investments or move just some of the assets out of the funds. As part of measures to bolster its finances, Credit Suisse said it would raise SFr 1.7bn (1.9bn £1.5bn) from investors. With this, the bank also let go of at least seven senior. Credit Suisse is now considering a range of options to limit the damage, people familiar have said. Executive pay had already been cut in 2020 as the bank contended with a string of bad headlines, ranging from a spying scandal to a 450 million writedown on a hedge fund investment. Credit Suisse (CS) revealed a massive 4.7bn writedown tied to the Archegos Capital fiasco. The bank's latest $100 million writedown more than doubles charges from the distressed credit portfolio announced on March 23, when the bank also announced it was cutting another 2,000 jobs. Credit Suisse rose 1.8 per cent at 12:18 p.m. Most damaging, the bank took a roughly 450 million writedown on its stake in hedge fund York Capital Management, pushing it to a fourth-quarter loss. credit trading head Bob Franz and the head of distressed research and trading Ken Hoffman - 'will lead the formation of a new asset management firm to assist in servicing these assets and other similar assets in the future', the statement said.

With the transaction a pair of Credit Suisse employees - U.S. 'The Credit Suisse Global Markets division has accelerated its strategic implementation of a business model that is better aligned to the overall group strategy, with lower risk appetite and reduced volatility,' Credit Suisse said on the sale of the assets to TSSP. Credit Suisse said it estimated it would remain profitable after the new write-downs but held open the prospect of worse news to come as it. Last week, Credit Suisse revealed that it was. Analysts say UBS could write down up to a further 20bn. Credit Suisse Group AG will take a 4.4 billion franc (4.7 billion) writedown tied to the implosion of Archegos Capital Management and replace more than half a dozen executives in response to the. The bank has previously said there were 'no blind spots' in its portfolio that triggered the writedowns. Investment Bank CEO Brian Chin and Chief Risk and Compliance Officer Lara Warner will step down from their roles with immediate effect, the bank said.

Credit suisse writedown