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Morgan Stanley lost nearly $1 billion from the collapse of family office Archegos Capital Management, the bank said Friday, muddying its 150 percent jump in first-quarter profit that was powered by a boom in trading and deal-making. Morgan Stanley was one of several banks that had exposure to Archegos, which defaulted on margin calls late last month and triggered a fire sale of stocks across Wall Street. Morgan Stanley lost $644 million by selling stocks it held related to Archegos’ positions, and another $267 million trying to “derisk” them, Morgan Stanley Chief Executive James Gorman said on a call with analysts. “I regard that decision as necessary and money well spent,” he said. The bank did not disclose losses right away because they were not deemed material in the context of its overall results, he added. Morgan Stanley is not alone in nursing losses as a prime broker for Archegos. Switzerland’s Credit Suisse and Japan’s Nomura bore the brunt, having lost $4.7 billion and $2 billion, respectively. Bill Hwang, head of Archegos Capital Management, the collapse of which cost Morgan Stanley close to $1 billion.Bloomberg via Getty Images Goldman Sachs, Deutsche Bank and Wells Fargo also handled Archegos positions but exited them without losses, Reuters and other media outlets have reported.
Neiman Marcus stores appear to be losing their grip on Gucci bags and other luxe goods since the swanky retailer emerged from bankruptcy last fall, The Post has learned. Six months after shedding most of a punishing, $5 billion debt load through Chapter 11, the Dallas-based luxury chain is struggling to keep its stores stocked as it faces weakened ties with major fashion labels including Gucci, sources told The Post. The relationship with Gucci looks particularly strained, insiders say. The iconic Italian fashion label, which charges more than $300 for a pair of rubber slides, is no longer available on the Neiman Marcus Web site. Only seven of its 37 stores now carry Gucci products, according to the site. Before Neiman’s bankruptcy filing last spring, most of its stores had carried Gucci’s pricey wares, sources told The Post. And rival Saks Fifth Avenue continues to offer Gucci goods, including shoes and jewelry, both in stores and online. “That Saks has all that merchandise and Neiman’s doesn’t is an indication of [a] falling out,” said one top industry source, noting that the two chains typically mirror each other’s offerings. The apparent rift comes as Neiman Chief Executive Geoffroy van