Credit Suisse hit by equity losses

Credit Suisse has reportedly suffered equity derivatives-related losses in South Korea estimated at $120 million. The losses, which occurred in the third quarter of the year, were the result of an apparent failure to hedge its equity-linked note issuance.

The losses are believed to be behind the September departure of global co-head of equities Jim Kreitman (see page 16). A Credit Suisse spokesman declined to comment on the losses or departures.

Sources say Credit Suisse had accumulated long