UBS’s Weber Apologizes for Archegos Loss, Urges Transparency
- No specific person responsible for Archegos loss, Weber says
- New normal includes flexibility and part-time work from home
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UBS Group AG’s Chairman Axel Weber apologized for the loss the Swiss bank posted on its exposure to the collapse of Archegos Capital Management while also blaming a lack of regulation and transparency regarding family offices operating in financial markets.
Switzerland’s largest bank surprised investors last month when it announced an $861 million hit from exposure to Bill Hwang’s family office, weeks after peers had come clean about their losses. Weber called Archegos a very “unusual situation” and said he was “deeply sorry that it happened” during an interview with Bloomberg TV on Wednesday.