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Shares of Credit Suisse and Nomura Holdings fell sharply on Monday, as each warned of potentially large losses from a U.S. client, likely linked to troubles for Archegos Capital Management.
Neither bank identified the client, but the disclosures follow steep losses for shares of U.S. media companies ViacomCBS and Discovery, and Chinese entertainment group IQIYI on Friday, after some $35 billion in block trades. That massive, forced sale of stocks came after a margin call by Goldman Sachs on Archegos Capital Management, the…