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Business News/ Industry / Banking/  Credit Suisse-Archegos mess: UBS slapped
with $400 million fine
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CREDIT SUISSE-ARCHEGOS MESS: UBS SLAPPED WITH $400 MILLION FINE

2 min read 25 Jul 2023, 07:10 AM IST Livemint


UBS HAS BEEN FINED $400 MILLION BY US, SWISS AND UK BANKING AUTHORITIES FOR ITS
MISMANAGEMENT OF CREDIT SUISSE'S FINANCES AND ITS RELATIONSHIP WITH ARCHEGOS
CAPITAL MANAGEMENT


Premium FILE - The logo of Swiss bank UBS is fixed on a building where the bank
has offices in Frankfurt, Germany, Nov. 8, 2022. Swiss banking giant UBS will
pay nearly $400 million in fines to U.S., Swiss and U.K. banking authorities for
the management failures of Credit Suisse, which UBS bought in June 2023, related
to how Credit Suisse handled its relationship with collapsed hedge fund Archegos
Capital Management. (AP Photo/Michael Probst, File) (AP)
Read Full Story


After failing to manage the finances of Credit Suisse, banking giant UBS is
fined with $400 million by the US, Swiss and UK banking authorities. The bank is
also fined for its relationship with collapsed hedge fund Archegos Capital
Management.



Also Read: RBI allows UBS-acquired Credit Suisse to retain Indian banking
license: Report



UBS had bought Credit Suisse in June, at the time when the bank was reeling
under money crisis. Archegos failed in 2021, and led to a loss of billions of
dollars to the Wall Street investors. The Swiss bank took more than $5 billion
in losses from Archego's failure. Over a period of two years, the $5 billion
loss of ACM led to the fire sale of Credit Suisse to UBS in June.






CREDIT SUISSE'S PRIME BROKERAGE SERVICE TO ARCHEGOS CAPITAL

Earlier, Credit Suisse management used to give Archegos capital treatment
through its prime brokerage division. This ultimately brought undue risk for the
bank when Archegos purchased a highlyy concentrated position in ViacomCBS. The
firm's manager, Bill Hwang, is scheduled to face fraud charges for the collapse
of Archegos in October.

Also Read: Credit Suisse investor group seeks better UBS takeover price: Report

In a statement, the Federal Reserve said that Credit Suisse failed to
“adequately manage the risk posed by Archegos despite repeated warnings". The
announcement of fine was made by the US Fed alongside the Bank of England and
the Swiss Financial Market Supervisory Authority.




UBS FILED WITH LARGEST PENALTY TO DATE BY THE BANK OF ENGLAND

The Bank of England's Prudential Regulation Authority fined the Swiss mega bank
with £87 million ($112 million), which it said was its largest penalty to date.
In a consent order with the Federal Reserve, UBS agreed to pay $268.5 million
for “unsafe and unsound counterparty credit-risk manageent practices" at Credit
Suisse. The UBS had acquired Credit Suisse in June.

Also Read: UBS takes over Credit Suisse: 10 things to know about this historic
deal

Credit Suisse “failed to learn from past similar experiences and had
insufficiently addressed concerns previously raised by the PRA," the UK
regulator said in a statement Monday.




WHAT WENT WRONG WITH UBS AND CREDIT SUISSE

According to the US Fed, Credit Suisse “lacked adequate governance, experienced
staff with sufficient stature, and sufficient data quality and model-risk
management to ensure that activities conducted with counter-parties were
properly risk managed."

Also Read: UBS hires Morgan Stanley’s Tom Wipf to help lead Credit Suisse tie-up

The bank is required to submit to regulators a plan for sustainable governance
and a risk-management framework, among other things.

Another drawback with UBS and Credit Suisse was slow operation. Credit Suisse
was slow to unwind its positions and ended up with $5.5 billion in losses
related to that business in 2021. UBS suffered a much smaller loss, reported
Bloomberg.

UBS “has already begun implementing its risk framework, including actions
addressing these regulatory findings, across Credit Suisse," the bank said in a
statement Monday.

The Swiss financial regulator, Finma, in its findings concluded that Credit
Suisse had violated financial-market law in its relationship with Archegos.
Hence, it has ordered corrective measures for UBS.

“The bank was unable to adequately identify, limit and monitor the significant
risks associated with Archegos," Finma said in a statement. The regulator
doesn’t have the authority to impose fines.Als

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Updated: 25 Jul 2023, 10:23 AM IST



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