DB - Bank stocks drop after Archegos Capital collapses

Some of the biggest global banks drop in premarket trading after Archegos Capital, the family office run by Bill Hwang, was forced to liquidate, putting the banks in danger of losing billions of dollars.Credit Suisse (CS) sinks 11%, Nomura (NMR) slides 15%, Goldman Sachs (GS) drops 3.1%, and Morgan Stanley (MS) falls 4.4%, Deutsche Bank (DB) dips 3.6%.While it didn't name the client, Credit Suisse warned investors of  a "significant loss" because it was forced to exit positions after "a significant U.S.-based hedge fund defaulted on margin calls made last week" made by CS and a number of other banks, the company said.Nomura also said it may incur a significant loss arising from transactions with a U.S. client; it's still calculating its possible loss from the event and estimates the claim against the client at ~$2B.Morgan Stanley (MS), Goldman Sachs (GS), and Deutsche Bank (DB) are also reported to have been involved.The SPDR Select Sector

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Bank stocks drop after Archegos Capital collapses