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Credit Suisse takes hit from U.S. hedge fund; warns of ‘highly significant’ losses

Attribution Suisse bank.

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LONDON — Credit Suisse warned Monday of a “highly consequential” hit to to its first-quarter results, after it began exiting positions with a large U.S. hedge fund that defaulted on frontier calls last week.

In a trading update before the market open, the Zurich-based lender said a number of other banks were also fake and had begun exiting their positions with the unnamed firm.

“While at this time it is premature to quantify the true size of the loss resulting from this exit, it could be highly significant and material to our first quarter terminates, notwithstanding the positive trends announced in our trading statement earlier this month,” Credit Suisse said.

The bank go on increased that it would provide a further update on the matter “in due course.”

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