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Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,280
1124hr
Pakistan Cases
1,265,047
66324hr
1.66% positivity
Sindh
465,819
Punjab
437,974
Balochistan
33,128
Islamabad
106,469
KPK
176,886

ZURICH: UBS reported an unexpected $774 million loss on Tuesday from the collapse of US investment fund Archegos, taking the total hit to global banks from the stricken family office beyond $10 billion.

The charge taken by Switzerland's biggest bank comes as the fallout from Archegos continues to ripple across the banking industry, with Nomura posting on Tuesday its biggest quarterly loss in over a decade as a result of its dealings with the stricken fund. The Japanese bank said it will book losses of around $2.9 billion this year on Archegos. Morgan Stanley lost nearly $1 billion on the family office's implosion while UBS' cross-town rival Credit Suisse has been hit the hardest with a more than $5 billion charge after Archegos defaulted on margin calls in late March, triggering a fire sale of stocks. UBS, the world's biggest wealth manager, said it was now reviewing all of its client relationships both within its prime brokerage unit, which caters to hedge funds, and within its family office business, which manages very large pools of money for wealthy individuals and families.

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