UBS Joins Morgan Stanley With Surprise $861 Million Archegos Hit
- CEO defends prime brokerage unit while reviewing relationships
- Archegos has ‘taken the shine of these results,’ analysts say
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UBS Group AG disclosed an $861 million hit from the implosion of Archegos Capital Management and vowed to improve risk management, joining Morgan Stanley in blindsiding investors who’d been kept in the dark for weeks about the size of the losses.