Credit Suisse takes $4.7 billion charge due to hedge fund

Credit Suisse said Tuesday that it had set aside 4.4 billion Swiss francs ($4.7 billion, 3.9 billion) to absorb losses related to a fire sale of shares by Archegos Capital Management.

"This includes a charge of CHF 4.4 billion in respect of the failure by a US-based hedge fund to meet its margin commitments as we announced on March 29, 2021," the bank said in a statement.

It did not name the fund, but reports by Bloomberg News last month said that little-known Archegos Capital Management sold more than $20 billion in stocks from US media and Chinese companies as it sought to cover its obligations to its lenders.