2023-07-24 17:28:24
UBS will pay a total of $ 387 million in fines in the United States and the United Kingdom following the takeover of Credit Suisse for the latter’s “mismanagement” of risks linked to the American fund Archegos, the central banks of these two countries announced on Monday.
The Archegos fund had taken risky bets on the stock market by borrowing money from banks but found itself unable to hedge its positions when the markets turned, and imploded in 2021, costing Credit Suisse more than $5 billion.
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