UBS CEO Sees $87 Million Archegos Trading Loss in Second Quarter

UBS Group AG Chief Executive Officer Ralph Hamers said the bank expects an $87 million second-quarter trading loss related to Archegos Capital Management.

The Swiss wealth manager -- which surprised investors on Tuesday with news of a $774 million hit in the first quarter -- exited all its remaining exposures to Archegos in April, Hamers said on a call with analysts.

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