Fed fines UBS $269M for Credit Suisse’s Archegos failures
By 
Kyle Brasseur2023-07-24T20:36:00
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management.
The penalty, announced Monday, was accompanied by a record fine of 87 million pounds (U.S. $112 million) levied by the Bank of England’s Prudential Regulation Authority (PRA). The U.S. and U.K. agencies coordinated with the Swiss Financial Market Supervisory Authority (FINMA), which ordered UBS to implement corrective measures.
Credit Suisse took a $5.5 billion loss when Archegos collapsed in 2021. The bank that year commissioned an independent report that detailed its risk management failings regarding its relationship with the hedge fund.
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