Credit Suisse slides 2% as Archegos-related stock unwind continues

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. REUTERS/Arnd Wiegmann/File Photo

MILAN (Reuters) – Credit Suisse shares fell further on Wednesday after it sold blocks of shares in a number of companies as it continued to unwind positions related to last month’s meltdown of Archegos Capital, traders said.

Shares in the Swiss bank declined more than 2% at one point to a fresh four-month low and by 0719 GMT they were down 1.8%, underperforming the European financial services sector.

Multiple sources told Reuters that Credit Suisse had put large blocks of shares in media companies Discovery Inc, and iQIYI Inc on the market after regular trading ended on Tuesday.

Credit Suisse offered Discovery and iQIYI shares at a discount to their closing prices, after last week it sold shares in other companies related to the Archegos unwinding.

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