Pedestrians walk along the street close to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Thursday, April 8,2021. Credit Suisse Chief Executive Officer Thomas Gottstein gathered dozens of managing directors at the global bank on a conference call late Tuesday, as part of crisis-management efforts after the lender announced that it stands to lose as much as $4.7 billion amid the meltdown of hedge fund Archegos Capital Management. Photographer: Stefan Wermuth/Bloomberg
NEW YORK: Morgan Stanley lost nearly US$1bil (RM4.13bil) from the collapse of family office Archegos Capital Management, the bank has said, 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.
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