TOKYO -- Jitters have spread on the New York stock market since last week due to a series of block trades by investment banks worth tens of billions of dollars after Bill Hwang's Archegos Capital Management defaulted on margin calls. Facts about the trades came to light on Monday.
Major American, European and Japanese investment banks -- Goldman Sachs, Morgan Stanley, Credit Suisse, Deutsche Bank and Nomura Holdings -- face huge losses after having extended billions of dollars worth of credit to Archegos and Hwang, a charismatic Korean American fund manager who was found to have committed insider trading in 2012.
