Credit Suisse (CIK) - Get Credit Suisse Asset Management Income Fund Inc Report announced that the "significant" hit that it had warned about following the Archegos collapse will lead to a $4.7 billion writedown.
TheStreet's Martin Baccardax reported that Credit Suisse said it will likely report a pre-tax loss of 900 million Swiss francs ($960 million) , a figure that includes a charge of 4.4 billion Swiss francs tied to what it called "the failure by a US-based hedge fund to meet its margin commitments.
"The significant loss in our Prime Services business relating to the failure of a US-based hedge fund is unacceptable," said CEO Thomas Gottstein in a statement. "In combination with the recent issues around the supply chain finance funds, I recognize that these cases have caused significant concern amongst all our stakeholders."
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