Credit Suisse faces $4.7 billion charge amid Archegos fallout

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  • CNBC Television published this video item, entitled “Credit Suisse faces $4.7 billion charge amid Archegos fallout” – below is their description.

    CNBC’s Leslie Picker reports on the the leadership shakeup at Credit Suisse and the hit the bank took from its dealings with Archegos Capital. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

    European markets advanced on Tuesday as trading resumes after the Easter holiday, with global sentiment boosted by positive economic data in the U.S. and China.

    The pan-European Stoxx 600 gained 0.7% by mid-afternoon, with basic resources adding 2.5% to lead gains as all sectors except telecoms entered positive territory.

    European stocks bucked the trend seen in Asia-Pacific, where markets were mixed pm Tuesday despite China’s services sector activity growing in March, according to a private sector survey.

    Stateside, stocks dipped at the start of Tuesday’s trade, after the Dow Jones Industrial Average and the S&P 500 closed at record highs the previous session on the back of a bumper U.S. jobs report on Friday.

    The big news out of Europe Tuesday was the announcement by Credit Suisse of several high-level staff departures and cuts to its dividends and bonuses. The Swiss bank announced it was taking a $4.7 billion hit as a result of the Archegos Capital Management saga.

    The Swiss lender now expects a first-quarter pre-tax loss of around 900 million Swiss francs ($960.4 million). Credit Suisse shares hovered ractionally below the flatline by mid-morning.

    The IMF hiked its global growth forecast on Tuesday, but warned of “daunting challenges” for the global economy given the varying rates of vaccine rollouts.

    The organization now expects the world economy to grow by 6% in 2021, up from its 5.5% forecast in January. Looking further ahead, global GDP for 2022 is seen increasing by 4.4%, higher than an earlier estimate of 4.2%.

    In terms of individual share price movement, Danish hospital equipment maker Ambu climbed 6.5% to lead the Stoxx 600 by mid-afternoon trade, while Belgian electrical company Elia slid 5.9%.

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    In This Story: Credit Suisse

    Credit Suisse Group AG is a global wealth manager, investment bank and financial services firm founded and based in Switzerland.

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