Fed fines UBS $268.5 million for Credit Suisse missteps with Archegos
Reuters
Published Jul 24, 2023 16:46
WASHINGTON (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG (SIX:UBSG) $268.5 million for Credit Suisse (SIX:CSGN)'s misconduct around its dealings with the defunct investment firm Archegos Capital Management.
The Fed said Credit Suisse, which UBS acquired in June, repeatedly failed to address risk management shortcomings in its dealings with the firm, and lost $5.5 billion when it collapsed in 2021. UBS will pay a total of roughly $387 million in fines as Swiss and British authorities also took actions against the bank.
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Written By: Reuters
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