Wealthy clients at Japan’s biggest banking group lost out on $700 million after Credit Suisse’s risky AT1 bonds were written down to zero by Swiss regulators...
Clients at Mitsubishi UFJ Financial Group Inc lost more than $700 million on Credit Suisse Group AG’s contingent convertible bond wipeout, according to people familiar with the matter, first reported by Bloomberg on Friday.
... Clients at Mitsubishi UFJ Financial Group Inc lost more than $700 million on Credit Suisse Group AG’s contingent convertible bond wipeout, according to people familiar with the matter, first reported by Bloomberg on Friday. American depositary receipts of Mitsubishi UFJ Financial Group MUFG were up 3% in Friday premarket trading albeit with a small trading volume.
A spokesperson for the bank told Bloomberg that it is looking into whether wealth managers operating within the venture properly explained the risks of AT1 bonds.
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