Credit Suisse (now in Ubs) has agreed to pay $269m to the US Federal Reserve and £87m to the British Authority, for the Archegos case. In total $388 million. The Swiss Financial Market Supervisory Authority (FINMA) launched enforcement actions in 2021. UBS, which since last spring took charge of Credit Suisse’s activities by saving the second Swiss bank from the shame of bankruptcy, has reached an agreement on the Archegos case. administrationhedge funds By Credit Suisse it will cost the first Swiss bank a total of $388 million, to be paid to the US Federal Reserve (Fed) and the British supervisory authority.
FINMA itself indicated that the executive action launched by the Swiss Financial Market Supervisory Authority (FINMA) in 2021 against the bank – which was acquired last June 12 by UBS – ends with this agreement. Both the Federal Reserve and FINMA have ordered corrective actions related to managing credit, liquidity and non-financial risks. Besides paying the fine, the Fed asked Credit Suisse to improve its risk management practices, while taking preventive measures in cooperation with the Swiss Financial Market Supervisory Authority and the Bank of England’s prudential regulator. At the end of March 2021, the US hedge fund Archegos Capital Management, founded by financier Bill Huang, was forced into liquidation and the Swiss bank was heavily involved in the fund’s risky operations.