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Here’s the fallout for global banks on the back of sharp losses at Archegos

Credit Suisse and Nomura facing massive losses, triggering a sell-off in banking stocks

Credit Suisse have said potentially losses could be ‘highly significant and material to our first-quarter results’ after Archegos Capital Management’s fire sale last week
Credit Suisse have said potentially losses could be ‘highly significant and material to our first-quarter results’ after Archegos Capital Management’s fire sale last week Photo: Spencer Platt/Getty Images

Stock markets were spooked this week after hedge fund Archegos Capital Management reportedly unwound $20bn of assets in a fire sale last week.

On 29 March, Credit Suisse and Nomura announced they faced significant losses over the sale of about $20bn in US and Chinese stocks, with the Japanese bank saying it could be hit with up to $2bn worth of exposure to a US client that it did not name.

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