Credit Suisse woes deepen with $450mn York hedge fund hit ...Qatar

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Credit Suisse woes deepen with $450mn York hedge fund hit
Credit Suisse Group AG’s Thomas Gottstein has had to contend with losses on loans to rich clients, reports on questionable deals the bank arranged for others, and a lacklustre trading performance. Now the asset management unit, traditionally a stable business, is turning into a major headache for the 56-year-old, who took over as chief executive officer from Tidjane Thiam in February. Credit Suisse said on Tuesday it expects to book a $450mn impairment on its stake in York Capital Management, as the US investment firm founded by Jamie Dinan winds down most of its hedge-fund strategies in the wake of this year’s market upheaval. The Swiss bank agreed to take a 30% stake in York in 2010, offe

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