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New York / Zurich / Frankfurt (dpa) - A payment default at the US hedge fund Archegos Capital Management threatens to cost several banks dearly.
The Swiss institute Credit Suisse warned on Monday of potentially high losses after a major hedge fund based in the US failed to meet additional funding requests last week.
Deutsche Bank has since reduced its exposure to Archegos without any losses, as it announced in the evening.
Even with the reduction of the remaining customer positions, she does not expect any losses.
The troublesome Archegos called the US Securities and Exchange Commission on the plan.
The authority has been monitoring the situation since last week and is in communication with market participants, said a spokesman.
The hedge fund did not initially comment.
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The shares of Credit Suisse and the Japanese financial group Nomura, also affected, suffered sharp losses on Monday.
The Deutsche Bank share could not completely escape the downward pull - although it had already leaked in the course of the day that the Frankfurt money house was obviously by far less heavily involved in Archegos than other major banks.
Before the Deutsche Bank issued its statement in the evening, the paper was the weakest value in the Dax with a price loss of more than three percent.
The Credit Suisse share closed the trading day in Zurich with a minus of almost 14 percent - making it the biggest loser in the Swiss benchmark SMI index.
Most banks do not mention their defaulting customers by name in their communications.
According to information from the financial news agencies dpa-AFX and Bloomberg, as well as other media, they all refer to the Archegos Capital hedge fund.
The largest Swiss bank UBS declined to comment on the subject entirely.
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The Japanese financial group Nomura warned of a potentially significant loss to a US customer.
The claim amounts to about two billion dollars.
Nomura did not want to be more specific.
For Credit Suisse, the hedge fund threatens to become the second expensive default in the first quarter.
The bank is already affected by the insolvency of the British-Australian financial conglomerate Greensill, in the course of which the Greensill Bank in Germany went bankrupt.
According to Credit Suisse, it is too early to quantify the loss from the problems with the US hedge fund.
But it could be "very significant and essential" for the result of the first quarter.
This applies regardless of the positive trends that the bank announced earlier this month.
Credit Suisse would like to publish new information on this matter in due course.
© dpa-infocom, dpa: 210329-99-18717 / 2