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."

  • DecentralizeTheWorldEnglish
    7·
    1 year ago

    It’s a bit funny UBS has to pay a fine for Credit Suisse when they were forced to buy them. Anyways, $387m closer to being forced to close their toxic gme shorts