Credit Suisse Joins Nomura Warning of Hit From Hedge Fund
- Bank says loss could be material to first quarter results
- Nomura also warned earlier it faces “significant” loss
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Credit Suisse Group AG said it may face a significant loss in the first quarter related to an unnamed U.S. hedge fund client defaulting on margin calls, the latest blow to the Swiss lender after a string of recent hits.
The Zurich-based bank said that while it is too early to quantify the exact size of the loss, “it could be highly significant and material to our first quarter results,” according to a statement Monday. Credit Suisse said it and other banks are exiting positions related to the client.