Archegos Capital Management blowup prompted review at Morgan Stanley

imageStock Markets14 minutes ago (Jun 14, 2021 12:36PM ET)

(C) Reuters. FILE PHOTO: 888 7th Ave, a building that reportedly houses Archegos Capital, is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., March 29, 2021. REUTERS/Carlo Allegri/File Photo

NEW YORK (Reuters) – Morgan Stanley (NYSE:MS)’s Chief Executive Officer James Gorman said Monday that the blow up of the investing firm Archegos Capital Management earlier this year prompted the bank to review all large, single-name margin positions.

“We’re comfortable with what we’re finding,” Gorman said at a conference hosted by his bank.

Archegos was a client of Morgan Stanley and several other banks. It faced the biggest margin call in history in March when the value of one stock that it had accrued a significant position in suddenly lost value.

Archegos Capital Management blowup prompted review at Morgan Stanley

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