BoJ, FSA probing fin. institutions after Archegos scandal - report

Wednesday, 07. April 2021 11:42

The Bank of Japan (BoJ) and the Financial Services Agency (FSA) are preparing to investigate the risk management systems of the country's financial institutions, Nikkei stated on Wednesday.

The probe comes as a result of the Archegos Capital Management scandal, which was backed by financial groups like Nomura Holdings Inc. The financial company said that it is looking at a loss of ¥220 billion (approximately $1.82 billion) in relation to the incident.

Yesterday, Credit Suisse Group AG reported it took charge of 4.4 billion Swiss francs (~$4.74 billion) due to the fallout related to the hedge fund.

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