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Credit Suisse Woes Deepen With $450 Million York Hedge Fund Hit

  • Swiss bank writing down the value of its stake in York Capital
  • Charge adds to troubles at Credit Suisse asset management unit
Credit Suisse Group AG CEO Tidjane Thiam Interview
Photographer: Stefan Wermuth/Bloomberg
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Credit Suisse Group AG’s Thomas Gottstein has had to contend with losses on loans to rich clients, reports on questionable deals the bank arranged for others, and a lackluster trading performance.

Now the asset management unit, traditionally a stable business, is turning into a major headache for the 56-year-old, who took over as Chief Executive Officer from Tidjane Thiam in February.