Madoff Victims: Big Banks, Hedge Funds, Celebrities
It added that it has custody clients who have invested with Madoff, but it did not believe those "custodial arrangements should be a source of exposure to the group."
Royal Bank of Scotland—Britain's second-largest bank, which is now 58 percent owned by the British government—said it could lose around 400 million euros pounds ($600 million) through exposure in trading and collateralized lending to funds of hedge funds invested with Bernard L Madoff Investment Securities.
Man Group, the world's largest publicly traded fund manager that reported exposure of around $360 million on Monday, said "it appears that a systematic and comprehensive fraud may have been committed, evading a range of structural controls."
Nomura Holdings said it has 27.5 billion yen ($306 million) in exposure, but added that any losses were likely to be limited compared to its capital base.
On Friday, representatives from major U.S. banks—Bank of America , Citigroup , PNC Financial Services Group and Merrill Lynch —declined to comment on if they had exposure to Madoff's company.
Both BlackRock and Goldman Sachs Group said they had no exposure. Morgan Stanley , Wells Fargo , Comerica and U.S. Bancorp did not immediately return calls seeking comment.