UBS takes a hit from Archegos scandal as it reports first-quarter net profit of $1.8 billion

(CNBC) UBS reported on Tuesday net income of $1.8 billion for the first quarter of 2021, as it revealed a hit to earnings from the scandal involving Archegos Capital. “Our first quarter results also factored in a loss related to the default by a single US-based prime brokerage client. We are all clearly disappointed and are taking this very seriously,” the Swiss lender said in a statement.

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