Credit Suisse slides 2% as Archegos-related stock unwind continues
Reuters
Published Apr 14, 2021 03:31AM ET
MILAN (Reuters) - Credit Suisse (SIX:CSGN) shares fell further on Wednesday after it sold blocks of shares in a number of companies as it continued to unwind positions related to last month's meltdown of Archegos Capital, traders said.
Shares in the Swiss bank declined more than 2% at one point to a fresh four-month low and by 0719 GMT they were down 1.8%, underperforming the European financial services sector.
Multiple sources told Reuters that Credit Suisse had put large blocks of shares in media companies Discovery (NASDAQ:DISCA) Inc, and iQIYI Inc on the market after regular trading ended on Tuesday.
Credit Suisse offered Discovery and iQIYI shares at a discount to their closing prices, after last week it sold shares in other companies related to the Archegos unwinding.
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Written By: Reuters
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