Is Credit Suisse still going to pay those 20k bonuses?!?
Credit Suisse said in a statement on Monday: “A significant US-based hedge fund defaulted on margin calls made last week by Credit Suisse and certain other banks. Following the failure of the fund to meet these margin commitments, Credit Suisse and a number of other banks are in the process of exiting these positions.”
It added: “While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be highly significant and material to our first-quarter results.”
Two people close to the bank said the expected loss was estimated to be between $3bn and $4bn. Credit Suisse declined to comment. -FT
Yes but expect lower bonuses across the board for the upcoming bonus szn. Seems like the problem is not unique to CS; Nomura, GS, MS, UBS all seem to have been exposed to Archegos Capital. We shall find out the extent of the exposure soon as banks start making public announcements... People should hope that this won't trigger spillover effects
lower return rates for interns a possibility?
Not all interns, only you
MS and GS came out and said that they didn’t lose much on the trade. Seems like the international banks were the most exposed.
Will be a massive PR shitshow if they don't. End of year bonuses will defo be lower tho
No it wouldnt
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