Archegos failed in 2021, costing Wall Street banks billions of dollars in losses, and Credit Suisse took the brunt of the losses. The Swiss bank took more than $5 billion in losses from Archegos' failure, which over a period of two years, ultimately led to the fire sale of Credit Suisse to UBS in June.
Credit Suisse management was found to give Archegos special treatment through its prime brokerage division, which caused the bank to take on undue risk when Archegos purchased a highly concentrated position in ViacomCBS. The firm's manager, Bill Hwang, is scheduled to face fraud charges for the collapse of Archegos in October.
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