Wells Fargo & Co. did not experience losses tied to unwinding its relationship with Archegos Capital Management, the firm said Tuesday in a statement.
“We had a prime brokerage relationship with Archegos,” the bank said. “We were well collateralized at all times over the last week and no longer have any exposure.”
The unwinding of Bill Hwang’s Archegos reverberated across the globe after banks forced the firm to sell billions of dollars in investments accumulated through highly leveraged bets. The selloff roiled stocks from Baidu Inc. to ViacomCBS Inc., and both Nomura Holdings Inc. and Credit Suisse Group AG have said they face potentially significant losses on their exposure.
WATCH: The financial world has been rocked by the turmoil at former hedge fund manager Bill Hwang’s Archegos Capital Management.
Source: Bloomberg)
Wells Fargo executed five block trades valued at $2.14 billion, Bloomberg reported Monday.