Levfin losses and deriv hedges weigh on Credit Suisse

Jasper Cox

April 23, 2020 01:45 pm

CreditSuisse_PA_575x375_23April2020 — An outside view of the Credit Suisse headquarters on Paradeplatz in Zurich, Switzerland on October 28, 2019. In a scandal that has rocked the staid world of Swiss private banking, Credit Suisse has seen its chief operating officer resign after he ordered the surveillance of a star banker who was wrongly suspected of poaching clients and employees after he defected to join a rival bank. Pierre-Olivier Bouée stepped down after he admitted to asking the Credit Suisse head of global security services to place the former head of wealth management, Iqbal Khan, under watch, over unfounded concerns that he was poaching clients and employees for his new employer, UBS. Photo by Francois Glories/ABACAPRESS.COM | Glories Francois/ABACA/ABACA/PA Images

Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.

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Jasper Cox