Credit Suisse was racked with $5.5 billion in losses following the collapse of Archegos in 2021.
The fines issued by the Swiss Financial Market Supervisory Authority and the Bank of England'sThe Federal Reserve Board concluded Credit Suisse did not properly manage the risk posed by its dealings with Archegos, which collapsed after defaulting on margin calls, sparking aof companies it invested in, such as ViacomCBS and Discovery Communications .
Credit Suisse was ordered to improve its counterparty credit risk management practices and fix additional “longstanding deficiencies” in other risk management programs within its U.S. operations, according toUBS “has already begun implementing its risk framework, including actions addressing these regulatory findings, across Credit Suisse,”
said in a statement Monday. “UBS intends to resolve Credit Suisse’s outstanding litigation and regulatory matters in the best interest of its stakeholders, including investors, clients and employees.”. That’s how much UBS recorded in revenue last year while raking in $7.5 billion in profits.Prior to its 2021 collapse, Archegos reportedly held billions of dollars in securities that included companies such as ViacomCBS, Discovery Communications and Chinese tech giants Baidu.
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