WASHINGTON: The Swiss banking giant UBS has been fined close to US$400 million for misconduct by its recently-acquired subsidiary, Credit Suisse, the US Federal Reserve announced on Monday (Jul 24). Swiss regulators pushed UBS to take over its former rival Credit Suisse earlier this year amid a banking cri
WASHINGTON: The Swiss banking giant UBS has been fined close to US$400 million for misconduct by its recently-acquired subsidiary, Credit Suisse, the US Federal Reserve announced on Monday .
On Monday, UBS was fined a total of US$387 million by the Fed and the Bank of England over Credit Suisse's failure"to adequately manage" the risk posed by the US family investment fund Archegos, despite repeated warnings, the Fed announced in a statement. The Fed said"the misconduct involved Credit Suisse's unsafe and unsound counterparty credit risk management practices" with Archegos, and announced a consent order and a fine for UBS worth US$268.5 million.
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