- June 18, 2021
- Posted by: Stratford Team
- Category: Business
Credit Suisse
CS -2.30%
Group AG and
SoftBank
9984 -0.80%
Group Corp. Chief Executive
Masayoshi Son
recently dissolved a longstanding personal lending relationship and the bank clamped down on transactions with his company, according to regulatory filings and people familiar with the matter.
The moves came after the collapse of SoftBank-backed Greensill Capital in March plunged Credit Suisse into turmoil. It also follows Credit Suisse’s $5.5 billion loss stemming from trading by family office Archegos Capital Management. The bank has since promised to dial down risk.
Mr. Son had long used Credit Suisse and other banks to borrow money against the value of his substantial holdings in SoftBank. As recently as February, Mr. Son had around $3 billion of his shares in the company pledged as collateral with Credit Suisse,…
