NMR - Credit Suisse tumbles after warning of 'significant' Archegos losses

Credit Suisse (CS) shares are down 10% in Swiss trading after the company said it was forced to exit positions after the Archegos Capital fire sale.The move will materially affect Q1 results.Archegos Capital roiled the markets on Friday as it liquidated more than $20B in positions following margin calls.Credit Suisse says that other banks are also exiting positions.Over the weekend, Nomura (NMR) said one of its subsidiaries is facing a "significant loss."“While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be highly significant and material to our first quarter results, notwithstanding the positive trends announced in our trading statement earlier this month,” Credit Suisse said.Goldman Sachs (GS), Morgan Stanley (MS) and Deutsche Bank (DB) are among the banks that have been offering block trades following the Archegos collapse.

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Credit Suisse tumbles after warning of 'significant' Archegos losses