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UBS said it lost $861m following Archegos’s implosion, a bigger hit than analysts expected. Meantime, Japan’s Nomura, which flagged losses of around $2b last month, upped its total damage tally to $2.85b, leading to its worst quarterly performance since the end of 2008, during the global financial crisis. Altogether, the losses of more than $10b make it one of the worst trading incidents in finance in years and have prompted a flurry of regulatory investigations in the U.S. and abroad.
“I don’t believe there will be major changes in our overall strategy,” said Nomura Chief Executive Kentaro Okuda, who promised to upgrade the bank’s risk controls and management to prevent a recurrence. The CEO doesn’t customarily appear on earnings calls, but the bank announced an hour before it started that he would join. “We have caused worries for our shareholders, customers and others involved,” he said.
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