Credit Suisse slides 2% as Archegos-related stock unwind continues

imageStock Markets16 minutes ago (Apr 14, 2021 03:35AM ET)

(C) Reuters. FILE PHOTO: the logo of Swiss bank Credit Suisse is seen in Bern

MILAN (Reuters) – Credit Suisse (SIX:CSGN) shares fell further on Wednesday after it sold blocks of shares in a number of companies as it continued to unwind positions related to last month’s meltdown of Archegos Capital, traders said.

Shares in the Swiss bank declined more than 2% at one point to a fresh four-month low and by 0719 GMT they were down 1.8%, underperforming the European financial services sector.

Multiple sources told Reuters that Credit Suisse had put large blocks of shares in media companies Discovery (NASDAQ:DISCA) Inc, and iQIYI Inc on the market after regular trading ended on Tuesday.

Credit Suisse offered Discovery and iQIYI shares at a discount to their closing prices, after last week it sold shares in other companies related to the Archegos unwinding.

Credit Suisse slides 2% as Archegos-related stock unwind continues

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