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Fed Fines UBS $268.5mn for Credit Suisse's Misconduct

Fed Fines UBS $268.5mn for Credit Suisse's Misconduct

by Starling Insights

Starling Insights Editorial Board

Jul 26, 2023

Observations

USA Bank of England US Fed Reserve Culture & Consequences Toxic Culture Culture & Misconduct The Costs of Misconduct

On Monday, the US Federal Reserve Board (FRB) announced a consent order and a $268.5 million fine against UBS Group AG for misconduct by Credit Suisse, which UBS acquired in June of this year.

The sanctions stem from Credit Suisse's dealings with Archegos, and its failure to manage related risks properly despite repeated warnings. "The Board is requiring Credit Suisse to improve counterparty credit risk management practices and to address additional longstanding deficiencies in other risk management programs at Credit Suisse's U.S. operations," the FRB wrote in its announcement.

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