Credit Suisse tries to aid U.S. block-trading probe of rivals -Bloomberg News -Breaking
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© Reuters. FILE PHOTO – The logo of Swiss bank Credit Suisse can be seen in a branch office located in Zurich (Switzerland), November 3, 2021. REUTERS/Arnd WIegmann(Reuters) – Credit Suisse (SIX.) Group AG tries to aid the U.S. Department of Justice possibly build a case related block trading against rivals Morgan Stanley (NYSE: Goldman Sachs Group Bloomberg News reported Friday that Inc (NYSE 🙂 had been acquired by Bloomberg News.
The Swiss bank’s push to provide assistance apparently goes beyond banks’ routine cooperation with requests for information, the report said, citing people familiar with the matter.
According to the report, Credit Suisse’s representatives made a presentation to U.S. Attorney’s Office in the Southern District of New York. They highlighted potential problems with Archegos Capital Management’s collapse last year, which led to global banks suffering billions of dollars of losses.
Credit Suisse didn’t immediately reply to a Reuters inquiry for comment.
Block trading was under scrutiny after the Archegos collapse. Reuters reported last week that the U.S. Securities and Exchange Commission investigated whether financial officers may have violated rules by tipping off the hedge funds prior to such trades.
Morgan Stanley, a Wall Street bank said Thursday that regulators in America were investigating various aspects of the block trading operation.
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