Credit Suisse still unloading Discovery shares after Archegos-related loss – CNBC

FILE PHOTO: Switzerland’s national flag flies below a logo of Swiss bank Credit Suisse at its headquarters at the Paradeplatz square in Zurich, July 31, 2019. REUTERS/Arnd Wiegmann/File Photo

(Reuters) – Credit Suisse Group AG is still unloading its positions in media company Discovery Inc after losses relating to Archegos Capital Management, CNBC reported on Tuesday, citing traders.

Archegos, a New York investment fund run by ex-Tiger Asia manager Bill Hwang, collapsed last month when its debt-laden bets on media companies including ViacomCBS unraveled.

Credit Suisse and other global banks, which acted as brokers for Archegos, have scrambled to sell the shares they held as collateral and unwind the trades.

Discovery shares fell nearly 4% in extended trading on Tuesday.

Credit Suisse and Discovery did not immediately respond to requests for comment.

Source: Read Full Article