Mitsubishi UFJ Financial Group has become one of the first recorded casualties from Credit Suisse’s AT1 bond wipeout.
MUFG’s wealthy clients lost 95 billion Japanese yen ($710 million) from the wipeout of 16 billion Swiss francs ($18 billion) in AT1 bonds issued by Credit Suisse, according to a «Bloomberg» report citing unnamed sources.
Senior officials are currently looking into the matter and reaching out to around 1,500 affected clients.
A spokesperson for the Japanese bank confirmed the losses.
MUFG JV
The losses were made through MUFG’s joint venture with Morgan Stanley, Mitsubishi UFJ Morgan Stanley Securities.
«We are very sorry that we are causing our clients concern,» the joint venture said in a statement. «We will continue to offer thorough explanations to the customers who have been affected.»
