|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||10.55 - 10.69|
|52 Week Range||7.33 - 14.92|
|Beta (5Y Monthly)||1.67|
|PE Ratio (TTM)||9.21|
|Forward Dividend & Yield||0.62 (5.92%)|
|Ex-Dividend Date||May 04, 2021|
|1y Target Est||N/A|
(Bloomberg) -- Credit Suisse Group AG unloaded about $2 billion of stocks tied to the Archegos Capital Management blowup, according to people familiar with the matter.The stock offerings -- which included Discovery Inc. and Iqiyi Inc. -- follow a torrent of similar transactions that had already erased about $194 billion in market value as banks from New York to Zurich and Tokyo unwound leveraged equity bets by Bill Hwang’s fund.His private investment firm became the center of one of the biggest margin calls of all time late last month, and represented one of the most spectacular failures of risk-management and oversight in recent memory. The downfall of Archegos will result in $10 billion of losses to banks, according to analysts at JPMorgan Chase & Co. The debacle could attract regulatory scrutiny and potential fines for the banks involved, the analysts said this week.Read more: Archegos Ripples Through Banks’ Lucrative Hedge Fund BusinessA representative for Credit Suisse declined to comment. Discovery, Iqiyi and Credit Suisse all dropped in U.S. postmarket trading.Tuesday’s block trades -- which sold at the lower end of ranges -- included 19 million Class A shares of Discovery sold at $38.40, said one of the people, asking not to be identified discussing a private matter. In addition, 22 million Class C shares of Discovery sold at $32.35 while a stake of 35 million Iqiyi shares went for $15.85.Credit Suisse last week sold $2.3 billion worth of shares also tied to the debacle. The lender is also planning a sweeping overhaul of its hedge fund business following the Archegos’ implosion, which caused a $4.7 billion writedown at the bank. (Updates to reflect sale starting in first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Credit Suisse has not yet finished unwinding its Archegos positions, said one source familiar with the matter. The bank has taken a $4.7 billion hit from dealings with Archegos Capital, prompting it to overhaul the leadership of its investment bank and risk divisions. Shares in Discovery and IQIYI fell in U.S. afterhours trading after news the offers, which were pitched below the stocks' closing prices.
In an update on Tuesday, Credit Suisse said it had salvaged $5.4 billion so far, up from $3.1 billion roughly a month earlier.