(C) Reuters. FILE PHOTO: FILE PHOTO: Switzerland’s national flag flies below a logo of Swiss bank Credit Suisse in Zurich
(Reuters) – Credit Suisse (SIX:CSGN) Group AG is still unloading its positions in media company Discovery (NASDAQ:DISCA) Inc after losses relating to Archegos Capital Management, CNBC reported on Tuesday, citing traders.
Archegos, a New York investment fund run by ex-Tiger Asia manager Bill Hwang, collapsed last month when its debt-laden bets on media companies including ViacomCBS (NASDAQ:VIAC) unraveled.
Credit Suisse and other global banks, which acted as brokers for Archegos, have scrambled to sell the shares they held as collateral and unwind the trades.
Discovery shares fell nearly 4% in extended trading on Tuesday.
Credit Suisse and Discovery did not immediately respond to requests for comment.
Credit Suisse still unloading Discovery shares after Archegos-related loss – CNBC
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.