How banks got caught in Archegos’s web of lies

Risk managers quizzed and confronted the firm, but lawsuits claim they were “systematically misled”

When Archegos Capital Management collapsed in March 2021, leaving banks with more than $10 billion in combined losses, much of the blame was placed on the shoulders of risk managers who failed to curb its disastrous bets.

Charges filed by US federal prosecutors and regulators on April 27 tell a different story – one in which banks were “systematically misled” as part of a deliberate scheme to manipulate stock prices.

Archegos repeatedly told banks its top holdings included Alphabet, Amazon and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: