Earlier on Tuesday, Credit Suisse said it would take a hit of 4.4 billion Swiss franc ($4.72 billion) from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk divisions.
NEW YORK: Morgan Stanley sold about US$5 billion of Archegos' stocks the night before the fire sale hit rivals, CNBC reported on Tuesday, citing people with knowledge of the trades.
Morgan Stanley had the consent of Archegos, run by former Tiger Management analyst Bill Hwang, to shop around its stock late Thursday, according to the report.
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