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Credit Suisse Could Face Further Archegos Impact This Quarter

  • Bank took $4.7 billion Archegos writedown in first quarter
  • But residual positions could result in further damage

Credit Suisse Group AG could see further impact from the Archegos Capital Management blowup this quarter as it winds down residual positions.

While the Swiss bank has substantially reduced its exposure, the sale of about $2.3 billion worth of stocks via block trades this week didn’t affect the first-quarter figures, according to a person familiar with the matter. Any further impact from that and other swings in remaining positions would be booked in the second quarter, the person said, asking for anonymity to discuss internal information.