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ZURICH: Credit Suisse Group AG failed to properly monitor tens of billions of dollars of exposure that piled up while handling trades for Archegos Capital Management that generated relatively little revenue, according to people briefed on the findings of the bank’s internal inquiry.
Firm to stop offering cash prime-brokerage in US, Europe
NEW YORK: Morgan Stanley said its global head of prime brokerage, Ed Keller, is stepping down to deal with a health issue and will return to the firm in another role.
BILLIONAIRE George Soros’s investment firm snapped up shares of ViacomCBS, Discovery and Baidu as they were being sold off in massive blocks during the collapse of Bill Hwang’s Archegos Capital Management.
US regulators to zoom in on more transparency
NEW YORK: Credit Suisse Group AG was sued by a pension fund that alleges the bank misled investors and let “high-risk clients” including Greensill Capital and Archegos Capital Management take on too much leverage, in one of the first lawsuits since the twin debacles.
NEW YORK: Goldman Sachs Group Inc executives are examining how well the bank navigated several major market events this year that caused extreme volatility, people familiar with the matter told Reuters.
SINGAPORE: Banks are facing billions of dollars in losses after a little-known US investment firm, Archegos Capital Management, defaulted last month on margin calls, forcing a brutal near US$30bil (S$40.4bil or RM124.14bil) stock fire sale.
NEW YORK: Morgan Stanley sold US$5bil (RM21bil) of shares owned by Archegos Capital Management a day before a deluge of block trades sent shockwaves across capital markets.
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.