UBS - Bank losses from Archegos top $10B after Nomura UBS update the damage

The damages from Archegos Capital Management's collapse are adding up to more than $10B for some large global banks, with UBS Group (UBS) and Nomura Holdings (NMR) tallying losses that exceeded analyst estimates.UBS Q1 earnings took a $774M hit from a default by a U.S.-based client of its prime brokerage business, presumed to be Archegos.UBS said it has fully exited the fund's positions and any further losses in Q2 would be immaterial. CEO Ralph Hamers, who stepped into his role in November, said the bank is reviewing its risk management systems to avoid a repeat of such situations.Nomura, which had previously warned that it would incur a loss of ~$2B related to a U.S. client, boosted its estimate to $2.85B.Last week, Credit Suisse said the ordeal would cost it $5.5B. Morgan Stanley took a $911M loss and Mitsubishi warned of a $300M loss.

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Bank losses from Archegos top $10B after Nomura, UBS update the damage