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Morgan Stanley lost $911 million tied to Archegos fund meltdown

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 handily exceeded analysts’ expectations for the quarter. CNBC's Jim Cramer and David Faber discuss.
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Fri, Apr 16 20219:34 AM EDT