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Goldman Sachs CEO says he’s pleased with ‘prompt action’ in Archegos firesale

'We have robust risk management that governs the amount of financing we provide for these types of portfolios,' the bank boss said

Solomon said the Archegos event will lead to some soul searching in the industry
Solomon said the Archegos event will lead to some soul searching in the industry Photo: Getty Images

Goldman Sachs boss David Solomon said the bank took "prompt action" on the implosion of family office Archegos Capital that have left rivals nursing billions in losses and that he was "pleased with how the firm handled it".

Despite acting as a prime broker to the family office of Bill Hwang, which rocked global markets when it unwound around $20bn in positions in prominent tech firms, Goldman Sachs has come away from the ordeal relatively unscathed.

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