Credit Suisse’s relationship with family office Archegos Capital is set to hit UBS following investigations by UK, Swiss and US regulators.
Hundreds of millions in potential penalties could come just days after UBS UBS CH:UBSG completed its acquisition of its beleaguered Swiss rival in a landmark deal backed by the Swiss government, the Financial Times reported.Hundreds of millions in potential penalties could come just days after UBS UBS UBSG completed its acquisition of its beleaguered Swiss rival in a landmark deal backed by the Swiss government, the Financial Times reported.
Credit Suisse had set aside around $35m for likely fines stemming from Archegos, amid an overall $5.5bn hit from the collapse of the firm – the biggest among the $10bn fallout for global banks that offered prime broking services. At the time, UBS’s losses stood at around $861m. The fiasco pushed Credit Suisse to cut its dividend and raise fresh capital from investors to shore up its balance sheet. Top executives were also ousted in the wake of the loss as a Credit-Suisse commissioned report by law firm Paul Weiss revealed a “fundamental failure of management and controls” in its investment bank and a “lackadaisical attitude towards risk”.
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