(Reuters) – Credit Suisse Group AG is trying to help the U.S. Department of Justice potentially build a case related to block trading against rivals Morgan Stanley and Goldman Sachs Group Inc, Bloomberg News reported on Friday.
The Swiss bank’s push to provide assistance apparently goes beyond banks’ routine cooperation with requests for information, the report said, citing people familiar with the matter.
Credit Suisse’s representatives have delivered a presentation to the U.S. Attorney’s Office for the Southern District of New York, flagging potential issues with the collapse of Archegos Capital Management last year that led to billions of dollars of losses for global banks, according to the report.
Credit Suisse did not immediately respond to a Reuters request for comment.
The Archegos meltdown drew regulatory scrutiny towards the practice of block trading. Last week, Reuters reported the U.S. Securities and Exchange Commission was probing whether financial executives may have broken the rules by tipping off hedge funds ahead of such trades.
In a filing on Thursday, Wall Street bank Morgan Stanley said regulators and prosecutors in the United States were probing various aspects of its block trading business.
(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)
