Morgan Stanley reported $4 billion of earnings applicable to common shareholders for the first quarter of 2021, a 150% increase on a year before, despite a $911 million loss caused by the failure of private hedge fund Archegos Capital Management.
The Wall Street firm made $2.9 billion of revenue from its equities trading division, where the Archegos losses were registered. That still marked a record. Trading revenue overall increased 29% year-on-year. Chief Executive James Gorman said on April 16 that the loss had been contained by the firm’s swiftness to “cauterize bad stuff,” and said the problem arose because of a concentrated single-stock position.
Archegos, a family office run by investor Bill Hwang, collapsed at the end of March. That impacted several banks, most notably Credit Suisse, which incurred a $4.7 billion pre-tax loss.Morgan Stanley CEO James Gorman participates in a conversation-style interview with Economic Club of Washington President David Rubenstein in Washington September 18, 2013.
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