‘Worst Fear’: Archegos Witness Recalls Moment That Doom Appeared

The sun had already set on March 25, 2021, and Bill Hwang’s banks were still awaiting explanations.

Some had issued margin calls to his private investment firm, Archegos Capital Management, as its multibillion-dollar bets started souring. But despite assurances from Archegos staffers, the banks were left waiting on it to pay what it owed.

Finally, just after 8:20 p.m. in New York, a call was convened between the lenders and Archegos representatives, including Hwang himself. It would soon be apparent how big the problem was.

For Bryan Fairbanks, a risk manager at UBS Group AG, the conversation confirmed ...