US Senate Banking chair presses Wall Street banks on Archegos ties

By Indiatimes5 days ago

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WASHINGTON: The Democratic chair of the US Senate Banking Committee has written to several large banks, including Credit Suisse and Japan's Nomura, asking them for information on their relationship with New York-based Archegos Capital Management after the fund imploded last month.

Senator Sherrod Brown asked the bank's chiefs to detail how their institutions came to do business with Archegos, a family office run by ex-Tiger Asia manager Bill Hwang. Archegos' soured leveraged bets on media stocks have left the fund and banks that financed its trades nursing billions of dollars in losses.

In addition to Credit Suisse and Nomura, which lost $4.7 billion and $2 billion, respectively, Brown sent the letters to Goldman Sachs and Morgan Stanley which did not lose money on the trades, Reuters and other media outlets have reported.

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