Finance
UBS to Face Penalties Over Credit Suisse’s Archegos Fiasco
- Swiss, UK, US regulators have completed their investigations
- UBS provisioned $4 billion for potential legal liabilities
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UBS Group AG faces hundreds of millions of dollars in regulatory fines over Credit Suisse Group AG’s dealings with Archegos Capital, as the Swiss bank inherits its former rival’s entire litigation portfolio, according to a person familiar with the matter.
The US Federal Reserve’s fine over Archegos may be as high as $300 million, while the UK’s Prudential Regulation Authority could impose a penalty of up to £100 million ($128 million), the person said. Switzerland’s financial regulator doesn’t have the authority to impose fines.