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"The Money Is Gone": Archegos Employees Lose $500 Million From Company Bonus Pool
It isn't just Bill Hwang who is "suffering" from the spectacular crash of Archegos Capital Management. The company's employees have also lost about $500 million after their deferred pay plan crashed in value alongside the firm's other holdings. The value of the deferred bonuses had risen to as high as $500 million before the company's collapse, FT reported last week. In addition to creating turmoil at banks like Nomura and Credit Suisse after being forced to unwind its extremely leveraged trades, the cash owed to employees is now at risk. The employee's fund was made up of annual bonuses that were carried over under ... (full story)