UBS to Pay $387 Million in Credit Suisse-Tied Archegos Fines
- Bank’s consent order with the US Fed totals $268.5 Million
- UK regulators fine the Swiss bank a record £87 million
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UBS Group AG will pay a total of about $387 million in fines related to misconduct by Credit Suisse Group AG in its dealings with Archegos Capital Management as the new owner of the collapsed Swiss rival starts picking up its legal tab.
In a consent order with the Federal Reserve, UBS agreed to pay $268.5 million for “unsafe and unsound counterparty credit-risk management practices” at Credit Suisse, which UBS acquired in June. The Bank of England’s Prudential Regulation Authority fined the bank £87 million ($112 million), which it said was its largest penalty to date.