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Credit Suisse Sells $2 Billion of Archegos-Linked Stocks

  • Shares of Discovery, Iqiyi were offered on Tuesday evening
  • Bevy of block trades has erased nearly $200 billion of value
Credit Suisse AG HQ as CEO Faces Anger on Archegos Mess
Photographer: Stefan Wermuth/Bloomberg
Updated on

Credit Suisse Group AG unloaded about $2 billion of stocks tied to the Archegos Capital Management blowup in the second such block sale since the bank wrote down the bulk of its exposure in the first quarter.

The stock offerings included Discovery Inc. and Iqiyi Inc., adding to some $2.3 billion worth of shares tied to the debacle that the bank sold last week, according to people familiar with the matter. The trades 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 family office.