UBS settles Credit Suisse’s Archegos failures with a $388 million payment

UBS has been ordered by British and U.S. regulators to pay $388 million for Credit Suisse’s transactions with Archegos Capital Management.

The bank plans to improve operational and risk management after acquiring Credit Suisse.

The U.S. Federal Reserve will pay $269 million, while the Bank of England will pay 87 million pounds. UBS is expected to pay $300 million and the UK regulator 100 million pounds for its Archegos activities.

The bank has already implemented corresponding rules and started enforcement procedures against an unnamed former Credit Suisse banker involved in the issue.


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