Morgan Stanley had $911 million in first-quarter losses tied to Archegos fund meltdown

Investing News

Bill Hwang, founder of Tiger Asia Management LLC, exits federal court in Newark, New Jersey, U.S., on Wednesday, Dec. 12, 2012.
Emile Warnsteker | Bloomberg | Getty Images

Morgan Stanley posted blockbuster results for the first quarter, but a single prime brokerage client cost the firm nearly $1 billion.

The firm had a $644 million loss from a “credit event” for that client, as well as $267 million in related trading losses, the New York-based bank said Friday in first-quarter earnings results. That client was Bill Hwang’s Archegos, according to a person with direct knowledge of the matter.

This story is developing. Please check back for updates.

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