Credit Suisse says loss on US fund about $4.7 bil.

Credit Suisse has announced that its loss from dealings with a US hedge fund was around 4.7 billion dollars.

The Swiss bank and Japan's Nomura warned last month that they could face significant losses due to their exposure to a US fund forced to liquidate its holdings.

Credit Suisse said on Tuesday its pre-tax loss was about 960 million dollars in the first three months of this year.

It said the figure takes into account losses related to "the failure by a US-based hedge fund to meet its margin commitments." And it's replacing two executives.

US media report that the hedge fund Archegos Capital Management entered into confidential risky positions with various brokerages, including Credit Suisse.

Nomura Holdings estimates its losses due to its positions with a US client at about 2 billion dollars. It aims to finalize the figure by the end of the month.

The Financial Services Agency and the Bank of Japan are also looking into the matter in cooperation with European and US authorities.

Additionally in Japan, Mitsubishi UFJ Securities Holdings has flagged around 270 million dollars in potential losses and there are reports that Mizuho Financial Group may be affected.