UBS Braces for Massive Penalty Due to Credit Suisse's Archegos Debacle

UBS is expected to face a financial hit of hundreds of millions of dollars due to Credit Suisse's Archegos failings. The losses are related to UBS's role as a prime broker for Archegos, which collapsed in March after failing to meet margin calls. Credit Suisse has already reported losses of $4.7bn due to the scandal.