#CreditSuisse International published its annual report which contains this useful information on #Archegos:
3 lessons:
1) Addt'l 600m loss in Q2
2) Still 3% exposure!
3) Thanks to the banking surcharge, UK taxpayer providing a "tax shield" of 1.3bn$ (maybe more with new budget)
3 lessons:
1) Addt'l 600m loss in Q2
2) Still 3% exposure!
3) Thanks to the banking surcharge, UK taxpayer providing a "tax shield" of 1.3bn$ (maybe more with new budget)
Also interesting to notice that CSI didn't book the full DTA (54% by my quick calc), suggesting they won't pay any tax in the UK for more than a decade.
Final important point: 0 loss in the US, 0 loss in Switzerland, so the PRA might be the one who takes a close look at the operations and risk management.
Especially when a bank you supervise loses 25% of its equity on a trade...
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