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U S charges Archegos founder Hwang, alleges brazen fraud, manipulation scheme
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Didi extends fall as Beijing crackdown bodes ill for U S -listed China companies
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Didi extends slide as Beijing clampdown sounds alarm for U S -listed China companies
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Morgan Stanley reveals $911 million Archegos loss as profit jumps
FILE PHOTO: A view of the Morgan Stanley London headquarters at Canary Wharf in London, Britain June 24, 2016. REUTERS/Russell Boyce/File Photo
April 16, 2021
By Elizabeth Dilts Marshall and Noor Zainab Hussain
(Reuters) -Morgan Stanley lost nearly $1 billion from the collapse of family office Archegos Capital Management, the bank said on Friday, muddying its 150% jump in first-quarter profit that was powered by a boom in trading and deal-making.
Morgan Stanley was one of several banks that had exposure to Archegos, which defaulted on margin calls late last month and triggered a fire sale of stocks across Wall Street.