Credit Suisse rallies despite bigger hit on Archegos
Investors were relieved when Credit Suisse finally gave details this week about the damage it has suffered from its Archegos exposures. The losses were higher than expected, but they were not large enough to burn completely through the Swiss bank’s capital cushion.
Archegos defaulted on margin calls from a series of investment banks towards the end of last month, creating havoc in the industry.
Credit Suisse was said to have been left with the heaviest exposure to the US hedge fund, which was a family office run by Bill Hwang....