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Fed says no change to monetary policy, Credit Suisse’s new chair aims for turnround
FT News Briefing
Credit Suisse - The Biggest Loss for Credit Suisse in a Long Time
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credit swees was hit worse than any one else. Poor risk management practices led them to basically be over exposed with insufficient margin. Lack of collateral from this client when compared with rivals. And then secondly, slowness and incompetence on trading out the second goldman sack. Saw the writing on the wall about this client collapsing, they sold. They sold a head of everyone else, avoided the paying for themselves and came out with no material losses.
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