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2021-04-19
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Morgan Stanley, Goldman Sachs and Wells Fargo take stock of Archegos disaster
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Gorman calls the unit a \"gem of a business\" that generated \"something close to $40B in revenue in a decade. It's a core part and backbone of the equities business.\"</p><p>The bankposted a $911M lossfrom the Archegos collapse in Q1 — $644M on the amount the client owned the company and $267M incremental loss on de-risking its remaining smaller long and short positions related to Archegos.</p><p>The bank reportedlysold $5B in sharesof companies that Archegos was forced to unload late on March 25, the night before the massive sale of securities by other firms.</p><p>He also commented that he's \"sure\" the SEC will be looking into the lack of disclosure relating to family offices, which aren't required to disclose as much as hedge funds are.</p><p>Goldman Sachs(NYSE:GS)Chairman and CEO David Solomon said Archegos was an investor with \"highly concentratedand leveraged positions. This is not the first time we've seen a situation like this, and it likely won't be the last.\"</p><p>But it's essentially why banks have risk controls. \"Our risk controls, all of which were put in place long before the March events, worked well. We identified the risk early and took prompt action consistent with the terms of our contract with the client,\" he said.</p><p>In Goldman's case, the firm avoided losses related to the Archegos events. As it continues to grow its prime business, \"we are well aware of the risks inherent in that business and the resources including liquidity that are consumed,\" CFO Stephen Scherr said.</p><p>He adds that the company looks at \"consolidated or overly consolidated concentrated positions in individual accounts. We look for excessive position concentration across the whole of our business.\"</p><p>Solomon said the Archegos situation was unusual in that \"This particular fund wound up with very concentrated positions very quickly.\"</p><p>\"I do think to some degree, this was a one-off event.\"</p><p>Like Gorman, he expects there will be regulatory discussion on the topic and expects Goldman will participate in those talks, but it's too early to speculate on what actions regulators may take in response.</p><p>Wells Fargo(NYSE:WFC)CEO Charlie Scharf commented on the Archegos matter during hiscompany's earnings call, repeating that the bank was alwayswell collateralized. \"We exited it all of our exposure with no loss, and I'll just add that we had substantial excess collateral after liquidation.\"</p><p>Late last month, JPMorgan analysts had estimated banks acting as prime brokers for Archegos maysuffer a total loss of as much as $10B. Nomura indicated a potential loss of $2B and later said it would take a$4.7B hit from the family office's failure.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley, Goldman Sachs and Wells Fargo take stock of Archegos disaster</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley, Goldman Sachs and Wells Fargo take stock of Archegos disaster\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-19 09:08 GMT+8 <a href=https://seekingalpha.com/news/3682703-morgan-stanley-goldman-sachs-and-wells-fargo-take-stock-of-archegos-disaster><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With Wall Street still smarting from last month's collapse of Archegos Capital — Bill Hwang's family office — executives atbanks discussed its impact on their businesses in last week's Q1 earnings ...</p>\n\n<a href=\"https://seekingalpha.com/news/3682703-morgan-stanley-goldman-sachs-and-wells-fargo-take-stock-of-archegos-disaster\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WFC":"富国银行","MS":"摩根士丹利","GS":"高盛"},"source_url":"https://seekingalpha.com/news/3682703-morgan-stanley-goldman-sachs-and-wells-fargo-take-stock-of-archegos-disaster","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1141323038","content_text":"With Wall Street still smarting from last month's collapse of Archegos Capital — Bill Hwang's family office — executives atbanks discussed its impact on their businesses in last week's Q1 earnings calls.Morgan Stanley(NYSE:MS)CEO James Gorman said his firm will \"certainly belooking hard at family office-typerelationships, where they're very concentrated and you have multiple prime brokers.\"The experience, though, doesn't mean that Morgan Stanley will be pulling out out of the prime brokerage business. Gorman calls the unit a \"gem of a business\" that generated \"something close to $40B in revenue in a decade. It's a core part and backbone of the equities business.\"The bankposted a $911M lossfrom the Archegos collapse in Q1 — $644M on the amount the client owned the company and $267M incremental loss on de-risking its remaining smaller long and short positions related to Archegos.The bank reportedlysold $5B in sharesof companies that Archegos was forced to unload late on March 25, the night before the massive sale of securities by other firms.He also commented that he's \"sure\" the SEC will be looking into the lack of disclosure relating to family offices, which aren't required to disclose as much as hedge funds are.Goldman Sachs(NYSE:GS)Chairman and CEO David Solomon said Archegos was an investor with \"highly concentratedand leveraged positions. This is not the first time we've seen a situation like this, and it likely won't be the last.\"But it's essentially why banks have risk controls. \"Our risk controls, all of which were put in place long before the March events, worked well. We identified the risk early and took prompt action consistent with the terms of our contract with the client,\" he said.In Goldman's case, the firm avoided losses related to the Archegos events. As it continues to grow its prime business, \"we are well aware of the risks inherent in that business and the resources including liquidity that are consumed,\" CFO Stephen Scherr said.He adds that the company looks at \"consolidated or overly consolidated concentrated positions in individual accounts. We look for excessive position concentration across the whole of our business.\"Solomon said the Archegos situation was unusual in that \"This particular fund wound up with very concentrated positions very quickly.\"\"I do think to some degree, this was a one-off event.\"Like Gorman, he expects there will be regulatory discussion on the topic and expects Goldman will participate in those talks, but it's too early to speculate on what actions regulators may take in response.Wells Fargo(NYSE:WFC)CEO Charlie Scharf commented on the Archegos matter during hiscompany's earnings call, repeating that the bank was alwayswell collateralized. \"We exited it all of our exposure with no loss, and I'll just add that we had substantial excess collateral after liquidation.\"Late last month, JPMorgan analysts had estimated banks acting as prime brokers for Archegos maysuffer a total loss of as much as $10B. 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