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Losses confront Credit Suisse with another crisis.
Credit Suisse was in the middle of yet another international financial debacle on Monday after the Swiss bank warned that it faced "highly significant" losses from loans it made to a troubled New York hedge fund, Archegos Capital Management, to finance the hedge fund's trades.
Credit Suisse, based in Zurich, said it could not say how big the losses would be from the Archegos trades because it is still in the process of selling the assets. Archegos is a family office that manages the wealth of Bill Hwang, a former hedge fund manager at Tiger Asia Management who was found guilty of wire fraud in 2012.

The losses could be "material to our first quarter results," Credit Suisse said in a statement. The bank's shares plunged nearly 17 percent in Zurich trading Monday.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Mar 29th, 2021 at 06:30:45 PM EST

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