UBS faces hundreds of millions of dollars in penalties over Credit Suisse’s mishandling of Archegos Capital after Swiss, US and UK regulators completed their investigations into the affair, according to people with knowledge of the probes.
Credit Suisse, whose takeover by rival UBS was completed last week, suffered the biggest trading loss in its 167-year history when family office Archegos imploded in March 2021.
The bank had asked Switzerland’s Finma, the US Federal Reserve and the UK’s Prudential Regulation Authority to publish their findings and announce any penalties jointly at the end of July, according to four people briefed on the plans. But the timing of the publications could slip as a result of UBS’s takeover.
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