UBS will pay $387 million in fines to clean up lingering messes at Credit Suisse, the wounded Swiss banking rival it acquired this year.
The fines, issued concurrently by regulators in the United States and Britain, are related to Credit Suisse’s acknowledged “fundamental failure of management and controls” in 2020 and 2021, which led to a $5.5 billion loss in the collapse of a single client, the investment firm Archegos Capital Management. That incident helped shatter confidence in the 166-year-old Credit Suisse and foretold its eventual absorption into UBS.
Source: UBS Is Fined Nearly $400 Million in Credit Suisse’s Archegos Mess – The New York Times
