Furry
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Investing General Discussion
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Sanrith Descartes
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Wingz
Being Poor Sucks.
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Furry
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In the Hwang scandle, Credit suisse was asleep while the american banks dumped it and they are holding a big bag.
Falstaff
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Heads to Roll as Credit Suisse Parses Archegos Fallout
The Swiss bank will reportedly dismiss risk boss Lara Warner in the coming days and it pieces through the financial damage of its business with Archegos.
www.finews.com
Head of Risk likely out soon. Trying to push the CEO to leave early now too.
Fogel
Mr. Poopybutthole
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They look to be the biggest loser of the Archegos melt up with about 4-5 billion in losses. It's so big they're cutting their dividend over this one event.
Hateyou
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I don’t even know why you’d want to stay after something like this. Would be a great “fuck it I’m retiring” point in your career.Heads to Roll as Credit Suisse Parses Archegos Fallout
The Swiss bank will reportedly dismiss risk boss Lara Warner in the coming days and it pieces through the financial damage of its business with Archegos.
Head of Risk likely out soon. Trying to push the CEO to leave early now too.
Sanrith Descartes
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Probably because it is larger than the annual revenue for those departments (2b or so).
Furry
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If its 5b, that's more than the total income of the company in 2019. They basically wiped their profits out and perhaps then some in one day. There's gonna be a lot of investors squinting their eyes on why so much money was leveraged to a known investment low-life. A shake up was pretty much mandatory.
Sanrith Descartes
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I saw the 2b revenue number and assumed it was departments. I somehow envisioned CS being much larger than 2b a year total revenue.
Furry
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It was 22.5b revenue and 17.5b operating expenses + a few other costs that put it about 4.5b profit margin for the whole company in 2019. Thought it was fair to look at that as a 'normal' year vs 2020.
Fogel
Mr. Poopybutthole
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As they say, someone has to be the bag holder. Same thing happened in 2007, once Goldman and others realized what was happening, they stalled the collapse as long as they could as they started selling off their toxic assets to whoever they could
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Sanrith Descartes
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I guess when GS was front running them and selling early, CS was sound asleep. There is no honor among banks.
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Sanrith Descartes
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I have come to accept that for every Michael Burry in the finance world, there are 99 Jussie Smollets. Just like everywhere is else in life, there are a lot of slack jawed losers in the finance world.
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Sanrith Descartes
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Flobee
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I don't think the company is great, but the IPO is probably going to be pretty huge. April 14th
www.zerohedge.com
ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
The firm reported about $1.8 billion in revenue, a 9x increase from the prior year, and a net income of $730M to $800M on an adjusted EBITDA of about $1.1 billion. In addition, the company boasted 56M verified users (13M of them added in Q1 alone) and 6.1M monthly transacting users (+3.3M in Q1). Revenue growth over the last quarter was 207.6%, net income was up 312.9% and volume traded was up 272%.
Here's a breakdown of the main figures from the company's press release:
Here's a breakdown of the main figures from the company's press release:
- Verified Users of 56 million
- Monthly Transacting Users (MTUs) of 6.1 million
- Assets on Platform of $223 billion, representing 11.3% crypto asset market share
- Includes $122 billion of Assets on Platform from Institutions
- Trading Volume of $335 billion
- Total Revenue of approximately $1.8 billion
- Net Income of approximately $730 million to $800 million
- Adjusted EBITDA of approximately $1.1 billion
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