Standing in for my editor to moderate a seminar at this year's St Gallen Forum themed on restoring trust in financial services, I tossed UBS Asia-Pacific president Edmund Koh, a fellow panellist, what in baseball analogy might be called a curveball.
The New York-headquartered family office Archegos Capital Management had just collapsed, causing huge losses for UBS and even more for rival Credit Suisse. Incredibly, news reports suggested that the potential fee reward from all the billions in leverage risked with Archegos was in the teen millions.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you