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.
在玩抢椅子游戏时，座位被抢的玩家有时会砰的一声坐到地板上。这正是宣布44亿瑞士法郎（合47亿美元）巨额资产减记的瑞信(Credit Suisse)的尴尬处境。其客户美国家族理财室Archegos爆仓，已导致瑞信18个月的平均净利润化为乌有，两名高管也因此去职。高盛(Goldman Sachs)、摩根士丹利(Morgan Stanley)等反应迅速的华尔街银行似乎已平安脱身。然而对具有系统重要性的银行来说，它们能否保持稳定，不应系于它们是否擅长玩派对游戏。