Japan’s biggest brokerage and investment bank, Nomura, was forced to cancel its upcoming chunky bond sale after losing $2b!

The grim loss reportedly happened after the Archegos Capital sell-off that triggered major trading losses for key lenders such as Nomura and Credit Suisse. The culprit was a US hedge fund client that defaulted on margin calls made by Credit Suisse and other banks (all are now in the process of exiting their Archegos positions).

Nomura’s shares fell as much as 16% — their biggest drop in over a decade! Meanwhile, Switzerland’s Credit Suisse dropped by 13.5%.