(CNBC) Goldman Sachs CEO David Solomon said Tuesday that his bank’s risk management systems performed well after the forced unwind from a highly levered fund tanked several stocks in the U.S. and China and took a multi-billion dollar bite out of other banks.
Shares of Discovery and ViacomCBS fell dramatically in March after investment banks began shopping large blocks of the stocks at highly discounted prices after a client failed to meet margin requirements. That client was widely reported to be the family office Archegos Capital Holdings, a highly levered fund run by Bill Hwang.
