Business
Credit Suisse, Nomura warn of big losses after Archegos sell-off – The Australian Financial Review
The loss at a US subsidiary was related to the unwinding of trades by Bill Hwang’s Archegos Capital Management, people familiar with the matter say.
Two people close to the bank said the expected loss was estimated to be between $US3 billion and $US4 billion. Credit Suisse declined to comment.
The Archegos family office founded by Mr Hwang, a former Tiger Management trader, was one of Nomuras prime brokerage clients, one of the people said.
News of the potential loss sent Nomuras shares down more than 16 per cent briefly in early trade after a deluge of sell orders at the market open.
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