Credit Suisse is still in the process of offloading Discovery shares from Archegos

Credit Suisse bank.

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Credit Suisse is still unraveling its holdings following the Archegos Capital Management burp, traders told CNBC’s David Faber, putting more pressure on a downtrodden media stock.

The investment bank was shopping blocks of different classes of Discovery stock on Tuesday, Faber reported. Discovery was one of the stocks that fell sharply in late March when hedge fund veteran Bill Hwang’s family office fell short of his margin call. Discovery’s Class A shares fell more than 4% during long-term trading.

Discovery, along with fellow media player ViacomCBS, saw its stock rise rapidly in the first few months of the year, apparently provided upward by the highly leveraged Archegos. Discovery’s Class A shares rose from $ 30 a share in late December to $ 77 a share in mid-March before draining. They closed on Tuesday for $ 40.38.

Credit Suisse was one of the banks most affected by Archegos’ risky trading. The bank reported a charge of $ 4.7 billion in losses from the transactions and announced that two of its C-suite executives would step down.

Credit Suisse and other Wall Street banks will sell swap positions to hedge funds and family offices, allowing the clients to gain exposure to a stock, even though the bank technically owns the stock. When the stock falls and the fund fails to meet its obligations, the bank can get stuck with the losses on the stock.

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