Morgan Stanley profit blows past estimates, flags $900-mn loss on Archegos


Morgan Stanley reported a 150% jump in first-quarter profit on Friday that sailed past expectations, as a global dealmaking boom boosted investment banking and heightened trading activity lifted its institutional securities division.

  The Wall Street powerhouse, however, recorded a total one-off loss of over $900 million that it said was related to a credit event and subsequent losses from "a single prime brokerage client."   Morgan Stanley was one of six banks who had exposure to Archegos Capital Management,.....

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