Japanese bank Nomura announced on Monday that it is facing a $2 billion loss.

The financial hit, it said in a statement, came out of “a significant loss arising from transactions with a US client.” The firm declined to name the client. 

Nomura said it would no longer be issuing planned US dollar senior notes, noting that “an event that occurred after pricing that could impact the company’s consolidated financial results,” according to Reuters. 

Following the news, Nomura’s shares were trading down 15% Monday morning.

The loss follows a wild week for markets dominated by a reported liquidation of positions held by Archegos Capital Management, an investment firm led by Tiger Asia founder Bill Hwang. The liquidation appears to have been led by Goldman Sachs and Morgan Stanley.

The two investment banks sold billions of dollars worth of media and Chinese stocks, with ViacomCBS and Discovery dropping as much as 35% on the heavy selling. Chinese companies Tencent, Baidu, and Vipshop also saw a major drop. Market watchers told The Wall Street Journal the “size and speed” of the sell-off was “unprecedented.”

Despite the sell-off, the market saw a last-minute rally on Friday, with the Dow ending up 450 points and the S&P 500 closing at a record high. 

Nomura said the $2 billion loss shouldn’t impact operations.

“As of the end of December 2020, Nomura maintained a consolidated Common Equity Tier 1 ratio of over 17 percent, which is substantially higher than the minimum regulatory requirement,” the statement continued. “Accordingly, there will be no issues related to the operations or financial soundness of Nomura Holdings or its US subsidiary.”

Nomura operates in 30 countries worldwide, as has total assets of $432.2 billion.