Banks

Credit Suisse expects $450 million impairment on York Capital Management

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A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerland
FABRICE COFFRINI | AFP | Getty Images

Credit Suisse said it expects to take a roughly $450 million impairment in the fourth quarter after alternative investment firm York Capital Management on Monday informed investors it would wind down its European hedge funds business.

"In view of this announcement, Credit Suisse will take an impairment to the valuation of the non-controlling interest that the bank has owned in York since 2010. The amount of the impairment taken will be assessed as part of our year-end process, but is currently expected to be approximately $450 million," the Swiss bank said in a statement on Tuesday.

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