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Archegos fallout: global banks could lose over US$6b

London

MAJOR investment banks around the world face multi-billion-dollar losses after a family office, Archegos Capital Management, failed to meet margin calls on sliding speculative stock and derivative positions.

Archegos is run by Bill Hwang, a former hedge fund manager who was fined for alleged fraud in 2012.

There is now the question of why the banks either failed to carry out due diligence on the firm or chose to ignore his history.

Traders reported that Archegos had large leveraged positions....

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