A Credit Suisse product once valued at $2.2bn has fallen victim to Wall Street’s dramatic equities sell-off, leaving institutional investors and hedge funds nursing heavy losses while the Swiss bank said it had emerged financially unscathed.
Credit Suisse said on Tuesday that it would begin the early redemption of a product that allowed investors to profit when volatility was low but lost 96 per cent of its value overnight on Monday after Wall Street suffered its worst day in six years.
Japanese bank Nomura also announced the closure of a similar product that rewarded investors for low volatility, writing to clients that “we apologise from the bottom of our hearts for causing great inconvenience for the holders”.
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