Summary List PlacementMorgan Stanley took a nearly $1 billion hit from its exposure to the Archegos collapse, catching Wall Street analysts who expected a smaller loss off guard and leading to tough questions during the bank's earnings call on Friday. The bank disclosed a loss of $644 million that it said was tied to a "credit event" for a single prime brokerage client, as well as $267 million of additional trading losses through the end of the first quarter.