In musical chairs, players whose seats are filched sometimes sit on the floor with a bump. This was the undignified position of Credit Suisse announcing a stiff SFr4.4bn ($4.7bn) impairment. The implosion of US family office client Archegos has obliterated 18 months of average net profits and cost two senior executives their jobs. Agile Wall Street banks, such as Goldman Sachs and Morgan Stanley, appear to have escaped unscathed. But the stability of systemically important banks should not rely on a talent for party games.
在玩搶椅子游戲時，座位被搶的玩家有時會砰的一聲坐到地板上。這正是宣布44億瑞士法郎（合47億美元）巨額資產減記的瑞信(Credit Suisse)的尷尬處境。其客戶美國家族理財室Archegos爆倉，已導致瑞信18個月的平均凈利潤化為烏有，兩名高管也因此去職。高盛(Goldman Sachs)、摩根士丹利(Morgan Stanley)等反應迅速的華爾街銀行似乎已平安脫身。然而對具有系統重要性的銀行來說，它們能否保持穩定，不應系于它們是否擅長玩派對游戲。