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US and UK regulators criticise ‘serious’ and ‘significant’ failings behind $5.5bn trading loss at defunct Swiss bank
Plus, Bill Hwang is sued by his former analyst and Putin’s inner circle ponders a sanction-proof mega-deal
Ex-managing director at Bill Hwang’s failed investment firm claims shares were transferred to foundation
Experts say US government may struggle to show Archegos Capital chief intended to artificially boost share prices
Federal indictment against Archegos founder shines light on risk controls at sophisticated trading desks
Plus, Mukesh Ambani plans a deal with Apollo and Credit Suisse purges its top ranks
Prosecutors accuse hedge fund manager and former lieutenant of scheme that was ‘historic in scope’
The SEC complaint against Archegos in full.
The debacle resulting in Bill Hwang’s arrest has inspired calls for better disclosure of swaps holdings
Shareholders should wonder how bank could allow such an embarrassing situation to arise
From the GameStop saga to the Archegos debacle — these are the events that shaped the year
Project to track dangerously concentrated exposures to stocks has garnered attention of US regulators
Value of deferred pay plan had swelled before Bill Hwang’s family office collapsed
Executives wilfully ignored every bell, buzzer and klaxon of the risk alarm systems
New unit to track trading positions of major clients and their potential impact on bank
Swiss bank suffered $5bn hit from collapse of Bill Hwang’s fund and pledged to rein in risk
Founder of collapsed family office Archegos was crucial in early days of tech-focused asset manager
Central bank says Archegos collapse shows it lacks tools to see full extent of risk-taking
Paltry revenues raise more questions about strategy of taking risks for wealthy clients
Plus: South Korea’s largest dynasty is stuck with a $11bn bill, and a SpaceX contender makes its move in the satellite space race
With assets of less than $100m, a private wealth service has seemed off-limits — until now
International Edition