Billionaire Bill Hwang runs private investment firm Archegos Capital Management. (Photo: Bloomberg)
Mitsubishi UFJ Financial Group joined a growing list of global financial firms to take a hit from the forced unwinding of bets by Bill Hwang’s Archegos Capital Management in one of the biggest margin calls of all time.
Japan’s largest bank warned of a potential $300 million loss related to a US client, a hit that’s linked to Archegos, a person familiar with the matter said, asking not to be identified discussing a matter that isn’t public. Lenders are just starting to tally the carnage stemming from the liquidation of more than $20 billion of positions linked to Hwang’s New York-based family office, which has roiled stocks from Baidu
to ViacomCBS and cast a spotlight on the opaque world of leveraged trading strategies.
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