Archegos losses tallied up, industry regulatory scrutiny grows – Reuters

Archegos losses tallied up, industry regulatory scrutiny grows – Reuters

ZURICH/NEW YORK (Reuters) - Wall Street counted the cost of the Archegos Capital meltdown on Tuesday, with pressure mounting on heavily exposed Credit Suisse and regulators stepping up scrutiny of the fallout from banks' unwinding the New York fund's positions.FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File PhotoArchegos, a $10 billion single-family office run by former Tiger Asia manager Bill Hwang, defaulted on margin calls by its banks. Its unwinding may result in those global lenders losing more than $6 billion, sources familiar with trades have told Reuters.JPMorgan analysts, including Kian Abouhossein, estimated that the banks' losses in total could potentially reach $10 billion, “well beyond normal unwinding scenario for the industry.” They added they expected full disclosure by the end of the week from Credit Suisse, which on Monday warned of a significant hit.Credit Suisse's shares fell another 3% on Tuesday and have slumped 16% so far this week, while shares of most other major European and U.S. banks bounced back from Monday's battering.Archegos responded to a request for comment with a repetition of its Monday statement which said that “all plans are