UBS joins Morgan Stanley with surprise $861 million Archegos hit
UBS joins Morgan Stanley with surprise $861 million Archegos hit
Bloomberg
Bloomberg
UBS Group disclosed an $861 million hit from the implosion of Archegos Capital Management and vowed to improve risk management, joining Morgan Stanley in blindsiding investors who d been kept in the dark for weeks about the size of the losses.
The loss, mostly booked in the first quarter, overshadowed a better-than-expected profit, with strong performance in the key wealth management business. Chief Executive Officer Ralph Hamers said though the bank will require more transparency from clients to prevent such losses in the future, he defended its business with hedge funds as strategic and said he had no plans to follow rival Credit Suisse Group in cutting back lending.
FinanceFrance s BNP Paribas applies to set up a securities firm in China
Reuters
2 minutes read
The BNP Paribas logo is seen at a branch in Paris, France, February 4, 2020. REUTERS/Benoit Tessier
China s securities regulator has received an application from France s BNP Paribas (BNPP.PA) to set up a securities company in China, the latest foreign player to try to expand into brokerage services in the country as it opens up its capital markets.
The application was published on the website of the China Securities Regulatory Commission (CSRC) on Tuesday, without any information on the shareholding structure.
France s biggest lender told media in 2019 it was looking into entering the securities trading business in China and studying having a securities joint venture locally.
損失慘重！ 大摩因Archegos爆倉 虧損260億 ltn.com.tw - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ltn.com.tw Daily Mail and Mail on Sunday newspapers.
Bernie Madoff, Ponzi Scheme greatest mastermind die - See wetin you need to know about am
14 April 2021
Wetin we call dis foto,
Benie Madoff die at age of 82 for prison
Bernie Madoff, di Wall Street con artist wey mastermind di largest Ponzi scheme for history and cheat thousands of investors out of billions of dollars, don die for prison.
E die at di age of 82.
Di Federal Bureau of Prisons confam Madoff death on Wednesday. He die for di Federal Medical Center in Butner, North Carolina.
Oga Madoff bin dey serve 150-year sentence afta im admit in 2009 say im defraud investors through one Ponzi scheme, wey pay out afta Im use dia money rather than any profits. Di gbege burst during di financial crisis of 2008.