UBS fined $387 mn over Credit Suisse misconduct: US Fed
Washington (AFP) - The Swiss banking giant UBS has been fined close to $400 million for misconduct by its recently-acquired subsidiary, Credit Suisse, the US Federal Reserve announced on Monday. Swiss regulators pushed UBS to take over its former rival Credit Suisse earlier this year amid a banking crisis spurred by the collapse of US regional lender Silicon Valley Bank. On Monday, UBS was fined a total of $387 million by the Fed and the Bank of England over Credit Suisse's failure "to adequately manage" the risk posed by the US family investment fund Archegos, despite repeated warnings, the...