MUFG Clients Lost $700 Million in Credit Suisse AT1 Wipeout
- Japan’s largest banking group to convene meetings of officials
- About 1,500 clients lost money on Swiss bank’s debt writedown
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Mitsubishi UFJ Financial Group Inc.’s wealthy clients lost more than $700 million on Credit Suisse Group AG’s riskiest bonds purchased through the Japanese bank’s brokerage venture with Morgan Stanley, according to people familiar with the matter.
Japan’s largest banking group is holding meetings of senior officials to look into the matter as it reaches out to roughly 1,500 clients who lost a combined 95 billion yen ($717 million), said the people, who asked not to be named discussing private information.