Business this week

Banks scrambled to sell assets on behalf of Archegos Capital Management, which manages the assets of Bill Hwang, an investor. Archegos has emerged as the firm that sparked a fire sale of $20bn-worth of technology shares, after its trading losses led its banks to make margin calls. Baidu, China’s biggest search engine, and ViacomCBS, a media giant, were among the affected shares that slumped. Credit Suisse and Nomura, two banks, have warned that they could incur hefty losses from their dealings with Archegos.