Analysis
The Archegos Capital collapse shows nice bankers finish last
As Bill Hwang’s $50 billion family office went broke, the investment banks that tried to help came off worst, including UBS and Credit Suisse.
Aaron PatrickSenior correspondentPerhaps the most fascinating facts to emerge from the trial of fallen hedge fund guru Bill Hwang, which ended late last week with guilty verdicts, was how investment bankers operate at moments of peak stress.
The lesson, based on internal conversations from the 2021, $US36 billion ($53 billion) collapse of Archegos Capital Management, is that they’re expected to remain classy under pressure, but nice guys finish last.
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