Fed fines UBS $268.5 mln for Credit Suisse missteps with Archegos
www.reuters.com
The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse's misconduct around its dealings with the defunct investment firm Archegos Capital Management.

No surprise that the potato-of-blame is being tossed around a bit. Good sign for us.

"WASHINGTON, July 24 (Reuters) - The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse’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."

  • prsmike@lemmy.whynotdrs.orgEnglish
    3·
    1 year ago

    Oh another interesting tidbit:

    WHEREAS, in or around late March 2021, Archegos defaulted on Credit Suisse’s margin calls, causing Credit Suisse, which lacked adequate margin, to liquidate its positions in the underlying names and suffer approximately $5.5 billion in losses;

    haha don’t think ole’ Hwangi Boy enjoyed Mar10 day