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Wells Fargo Did Not Incur Any Losses For Closing Out Archegos Exposure

Wells Fargo & Company (WFC) Tuesday announced that it did not experience losses related to closing its relationship with Archegos Capital Management.

"We had a prime brokerage relationship with Archegos. We were well collateralized at all times over the last week and no longer have any exposure. We did not experience losses related to closing out our exposure."

Hedge fund Archegos Capital reportedly failed to meet its margin call obligations, prompting banks to sell more than $20 billion worth of shares in margin call on Friday.

Wells Fargo executed five block trades valued at $2.14 billion, Bloomberg reported Monday.

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