Wells Fargo says no losses from Archegos downfall

(Reuters) - Wells Fargo & Co said on Tuesday it had a prime brokerage relationship with Archegos Capital and it did not experience any losses related to the closing of its exposure. Losses at Archegos, a family office run by former Tiger Asia manager Bill Hwang, sparked fears among investors that banks would be forced to take big write-downs after extending billions of dollars in leverage to the fund.

"We were well collateralized at all times over the last week and no longer have any exposure," Wells Fargo said https://refini.tv/31xJVrC.

This article is no longer available in our repository.

There could be multiple reasons for this.