Investing News

Bill Hwang, founder of Tiger Asia Management LLC, exits federal court in Newark, New Jersey, U.S., on Wednesday, Dec. 12, 2012.
Emile Warnsteker | Bloomberg | Getty Images

Morgan Stanley posted blockbuster results for the first quarter, but a single prime brokerage client cost the firm nearly $1 billion.

The firm had a $644 million loss from a “credit event” for that client, as well as $267 million in related trading losses, the New York-based bank said Friday in first-quarter earnings results. That client was Bill Hwang’s Archegos, according to a person with direct knowledge of the matter.

This story is developing. Please check back for updates.

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