Major Banks Fined Hundreds of Millions for Archegos Scandal
TL;DR Summary
UBS is facing $387 million in fines for the "misconduct" of Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. The Federal Reserve stated that Credit Suisse practiced "unsafe and unsound" credit risk management practices. UBS and Credit Suisse have been ordered to strengthen oversight of their US operations and senior management. The collapse of Archegos resulted in a $5.5 billion loss for Credit Suisse and the departure of two top executives. UBS completed an emergency takeover of Credit Suisse earlier this year to avoid an international banking crisis.
- UBS hit with $387 million in fines for ‘misconduct’ by Credit Suisse in Archegos dealings CNN
- Credit Suisse fined $388mn over Archegos collapse Financial Times
- UBS Is Fined Nearly $400 Million in Credit Suisse's Archegos Mess The New York Times
- UBS agrees to pay $388 million over Credit Suisse's Archegos failings Reuters.com
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