For a Reuters live blog on U. The Dow ended higher, with shares of planemaker Boeing Co rising 2. Nomura and Credit Suisse are facing billions of dollars in losses after a U. Shares of big U. That is a question that's lurking. But so far the market has taken the news in stride essentially," said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.
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Credit Suisse on Tuesday announced several high-level staff departures and proposed a cut to its dividend as it weighs heavy losses from the Archegos Capital saga. Last week, Credit Suisse revealed that it was expecting heavy losses in the wake of the meltdown of U. The bank was forced to dump a significant amount of stock to sever its ties to the troubled family office. The executive board has also waived its bonuses for the financial year, the bank announced Tuesday, with Chairman Urs Rohner giving up his "chair fee" of 1. It has suspended its share buyback program and said it does not intend to resume share purchases until it has regained its target capital ratios and restored its dividend.
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Bloomberg -- The collapse of Archegos Capital Management LP, an investment firm that few even on Wall Street had heard of until it imploded last month, is changing a lucrative, decades-old part of global banking. Nomura Holdings Inc. European regulators are looking at risks banks are taking when lending to such clients, while in the U.
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