When investors are stampeding for the exits, it pays to be first out the door. Thats what happened when falling shares in ViacomCBS last week ignited a 20 billion wave of forced selling at the Wall Street banks that cater to Archegos Capital Management, the family office founded by former Tiger Management analyst Bill Hwang. By the time Credit Suisse and Nomura, two prime brokers of Archegos, announced early Monday that they faced losses that could be highly significant to the banks, rival firms Goldman Sachs and Morgan Stanley had already finished unloading their positions, according to people with knowledge of the matter.

Goldman managed to sell most of the stock related to its Archegos margin calls on Friday, helping the firm avoid any losses in the episode, according to one of the people. Morgan Stanley sold 15 billion in shares over a few days, avoiding significant losses, CNBCs Leslie Picker reported. Investors punished the two nonU.S. banks. Nomura ended Monday down 14, while Credit Suisse slid 11.5 when the market closed. Meanwhile, Morgan Stanley dropped 2.6 and Goldman shares dipped a modest 0.5.

Besides not acting quickly enough to stave off losses Nomura and Credit Suisse each indicated that they were still unwinding positions as of Monday the two firms may not have been as disciplined with Hwangs fund as their big American rivals, according to industry observers. Nomura estimated that as of Fridays market prices, the firm faced a 2 billion loss, while…