Wall Street's losses on Archegos just topped $10 billion
CNN
Losses caused by the collapse of US hedge fund Archegos have topped $10 billion.
Swiss bank UBS (UBS) revealed on Tuesday that it lost $774 million from last month's implosion of Archegos Capital Management, a bigger hit than many analysts expected. The announcement came as Japan's Nomura (NMR) said it would book losses of $2.9 billion from Archegos, a sharp increase from its initial estimate of $2 billion. Global banks have now disclosed losses of at least $10.4 billion from the failure of Archegos, a New York-based family office that managed the fortune of investor Bill Hwang. Some smaller banks may also have been hit, and the fallout has taken the shine off an otherwise strong earnings season for global banks.More Related News