Reuters
November 3, 2021 Credit Suisse Bank's logo can be seen at a branch in Zurich, Switzerland
According to Bloomberg on Friday, Credit Suisse Group is trying to help the U.S. Department of Justice establish a case related to the bulk transactions of Morgan Stanley and Goldman Sachs Group . The
report quoted people familiar with the matter as saying that the Swiss bank's efforts to provide assistance to clearly exceeded the banks' routine cooperation in information requests.
report said Credit Suisse has submitted a report to the U.S. Attorney's Office in the Southern District of New York, pointing to the potential problems of the collapse of Archegos Capital Management last year that caused billions of dollars in banks worldwide.
A representative for Credit Suisse declined to comment. The collapse of
Archegos has caused regulatory scrutiny for bulk transactions, which refers to the practice of buying and selling bulk stocks. Brokerage dealers conduct bulk transactions on behalf of clients or as part of hedging strategy .
Reuters reported last week that SEC is investigating whether financial executives may violate the rules, reporting to hedge fund before such transactions.
Morgan Stanley (MS.N) said in a filing Thursday that U.S. regulators and prosecutors are investigating various aspects of their bulk trading business.
The UK " Financial Times " reported on Friday that China Securities Regulatory Commission's website reported that China's securities regulator has ordered Wall Street banks to provide it with information about the US investigation.
Morgan Stanley did not immediately respond to Reuters' request for comment.
