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

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