Credit Suisse faces $4.7 billion charge amid Archegos fallout

About This Source - CNBC Television

CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

As of February 2015, CNBC is available to approximately 93,623,000 pay television households (80.4% of households with television) in the United States.

Recent from CNBC Television:

  • Coca-Cola CEO: Not out of the woods but Q1 showed strong results
  • Bitcoin will remain a volatile asset in the medium term, says WEF blockchain head
  • Ben Carson: Delta should not have spoken out on Georgia voting law
  • 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:

    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%.

    » Subscribe to CNBC TV:

    » Subscribe to CNBC:

    » Subscribe to CNBC Classic:

    Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

    The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:

    Connect with CNBC News Online

    Get the latest news:

    Follow CNBC on LinkedIn:

    Follow CNBC News on Facebook:

    Follow CNBC News on Twitter:

    Follow CNBC News on Instagram:



    CNBC Television YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    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.

    3 Recent Items: Credit Suisse

  • Breakingviews TV: Accrue cut
  • Credit Suisse unloads its position in Discovery in wake of Archegos blowup
  • Credit Suisse sells millions of shares of Discovery, according to traders
  • Leave a Comment