MUFG Securities Unit to Book $270 Million Loss on Archegos
- Loss is slightly lower than previous $300 million estimate
- Nomura, Credit Suisse have also warned of big losses
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Mitsubishi UFJ Financial Group Inc.’s securities arm will book a $270 million loss after it closed all positions with a U.S. client at the center of a massive unwinding of leveraged bets that roiled a number of global banks.
The unit will book the hit, which is slightly lower than a previously estimated $300 million, in next quarter’s results, Japan’s largest bank said in a statement Wednesday, without naming the client. The loss is linked to Bill Hwang’s Archegos Capital Management, Bloomberg has reported.