(Updated - April 16, 2021 7:50 AM EDT)

Morgan Stanley (NYSE: MS) disclosed a loss of $911 million during the first quarter from a "credit event" and trading losses believed to be Archegos-related.

Morgan Stanley disclosed:

"Equity net revenues increased from a year ago reflecting strong performance across products and geographies, with notable strength in derivatives, driven by continued client engagement and elevated volumes. The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of the quarter related to the same event."