On Monday, the Federal Reserve said it would fine UBS for “misconduct” by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million – including fines from the Swiss government and the Bank of England.
UBS and Credit Suisse have also been ordered to submit a plan to strengthen oversight of their US operations and senior management in the next 120 days. The little-known hedge fund’s default sent shockwaves throughout Wall Street in 2021, resulting in a $5.5 billion loss for Credit Suisse and the departure of two of the bank’s top executives.
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