SUBSCRIBE

CATEGORIES

Credit Suisse still unloading Discovery shares after Archegos-related loss – CNBC

imageStock Markets3 hours ago (Apr 13, 2021 05:25PM ET)

(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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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.