Turmoil at Archegos Capital Management, the investment firm of former hedge-fund manager Bill Hwang, is rattling the financial world.
Shares in some of the world’s largest banks plunged in Monday trading: Both Nomura Holdings Inc. and Credit Suisse Group AG fell 14% or more as they said they may face significant losses because of their exposure to wrong-way bets by Archegos. The New York-based family office was forced to liquidate over $20 billion in equity positions. Stocks including ViacomCBS Inc., Discovery Inc. and Chinese tech giant Baidu Inc. were caught in the episode.
