Credit Suisse Made Puny Trade in Face of Archegos Implosion

-- Newly promoted to equities Delta One head at Credit Suisse Group AG in February 2021, Josh Lukeman said he only became familiar with Archegos Capital Management that month.Mortgages Stuck Around 7% Force Rapid Rethink of American Dream

Former prime risk services head Parshu Shah is on the prosecution’s list of potential witnesses, but he figures heavily in the bank’s internal report on its Archegos missteps. Putting him on the stand could open the door to the defense bringing up that report to try to cast blame for Credit Suisse’s losses back on the bank itself.Estes named traders Brian Kramer and Jeff Divirgilio along with Shah as those at Credit Suisse who were more deeply involved with the Archegos relationship.

The most dramatic part of Lukeman’s testimony related to his March 26 trading. He recalled that the day began with a discussion of how to minimize the impact of selling off Archegos’ positions on the market.That effort began with a $1.25 billion block trade with Goldman Sachs Group Inc. But that trade was “puny” relative to Credit Suisse’s entire exposure to Archegos - which was more than $25 billion and “highly concentrated” in a few positions, Lukeman testified.

“You don’t want to put that order in the market because it would spook the whole marketplace,” he says. The Delaware judge who voided Elon Musk's record Tesla pay package told the parties in the case that she felt assured by the electric vehicle maker that it would not use an upcoming shareholder vote to attack her ruling. The shareholder legal team who sued over Musk's $56 billion pay package had asked Chancellor Kathaleen McCormick for orders to prevent their case from being undone in a Texas court.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit Suisse’s Archegos Debacle Takes Hwang Trial SpotlightNewly promoted to equities Delta One head at Credit Suisse Group AG in February 2021, Josh Lukeman said he only became familiar with Archegos Capital Management that month.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Morgan Stanley ‘Angry,’ Credit Suisse ‘Soft’ as Archegos Fell(Bloomberg) -- When Archegos Capital Management reached out about looming margin calls in March 2021, Credit Suisse took a “very soft tone,” while Morgan...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Swiss Parliament to Publish Credit Suisse Report in DecemberThe Swiss parliament’s commission reviewing the collapse of Credit Suisse will publish its report in December, it said in a statement on Thursday.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

UBS’s Ermotti Sees Risk of Delay in Integrating Credit Suisse ITThe biggest risk in UBS Group AG’s integration of Credit Suisse’s technology systems is a delay that would push back the realization of cost savings from the merger, Chief Executive Officer Sergio Ermotti said.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Credit Suisse Sued for $220 Million by Georgian Tycoon in GenevaGeorgian billionaire Bidzina Ivanishvili sued Credit Suisse for 200 million Swiss francs ($220 million) in Geneva over a rogue trader scandal, in a suit that goes beyond the $1.34 billion he’s already been awarded by courts in Bermuda and Singapore.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

UBS reports first profit since taking over Credit SuisseExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »