MUFG's securities unit warns $270m in losses from unnamed US client: report

The losses will be reflected in the unit’s first quarter financial statement.

The securities unit of Japan’s Mitsubishi UFJ Financial Group (MUFG) has warned of a significant loss related to an unnamed US client that is estimated to be worth around $270m, reports Reuters.

This comes after the unit flagged potential losses of around $300m one day before.

The loss, which occurred at its European subsidiary, will be reflected in the first quarter for the next financial year starting April, Mitsubishi UFJ Securities Holdings Co Ltd said in a statement.

Whilst the securities unit did not name the client, the revelation comes after global banks, including rival Nomura Holdings, were bracing for the fall-out from the downfall of hedge fund Archegos Capital.

Here’s more from Reuters.