{"id":1951661,"date":"2023-06-20T08:20:01","date_gmt":"2023-06-20T12:20:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ubs-faces-big-penalty-over-credit-suisses-archegos-failings-ft\/"},"modified":"2023-06-20T08:22:46","modified_gmt":"2023-06-20T12:22:46","slug":"ubs-faces-big-penalty-over-credit-suisses-archegos-failings-ft","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ubs-faces-big-penalty-over-credit-suisses-archegos-failings-ft\/","title":{"rendered":"UBS to pay hefty fine for Credit Suisse&#8217;s Archegos mishaps &#8211; FT"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fubs-faces-big-penalty-over-credit-suisses-archegos-failings-ft%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1951661&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>(Reuters) \u2013 UBS Group AG faces potential penalties amounting to hundreds of millions of dollars over Credit Suisse&#8217;s mishandling of Archegos Capital, according to a report by the Financial Times on Monday. <\/p>\n<p>UBS has requested the U.S. Federal Reserve, the Swiss Financial Market Supervisory Authority, and the UK&#8217;s Prudential Regulation Authority to release their findings and jointly announce any penalties by the end of July, as reported by FT.  <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>According to the newspaper, the UK&#8217;s Prudential Regulation Authority could impose a fine of up to \u00a3100 million ($127.81 million), while the U.S. Federal Reserve could impose a penalty of up to $300 million. Credit Suisse, on the other hand, has only set aside $35 million for potential fines. <\/p>\n<p>The Swiss Financial Market Supervisory Authority, as stated by its president Marlene Amstad in May, does not possess the authority to fine financial institutions.<\/p>\n<p>The collapse of Archegos Capital was a result of its founder Hwang&#8217;s aggressive use of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hedge-fund-archegos-tried-to-lull-banks-before-36-billion-collapse\/\" title=\"Hedge Fund Archegos Tried to Lull Banks Before  Billion Collapse\">total return swaps<\/a>, a type of financial contract, to amplify the size of his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bears-fortify-bets-on-asian-fx-on-resilient-dollar-growth-fears-reuters-poll\/\" title=\"Bears fortify bets on Asian FX on resilient dollar, growth fears: Reuters Poll\">market positions<\/a>. This collapse led to billions of dollars in losses for Credit Suisse.<\/p>\n<p>Last week, UBS completed its emergency takeover of troubled competitor Credit Suisse, creating a Swiss banking and wealth management powerhouse with a $1.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bank-of-america-warns-stocks-could-fall-24-next-year\/\" title=\"Bank of America Warns Stocks Could Fall 24% Next Year\">6 trillion balance sheet<\/a>. <\/p>\n<p>In May, UBS allocated $4 billion for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ubs-faces-big-penalty-over-credit-suisses-archegos-failings-ft\/\" title=\"UBS to pay hefty fine for Credit Suisse's Archegos mishaps - FT\">potential lawsuits related<\/a> to the Credit Suisse deal, according to a presentation.<\/p>\n<p>The U.S. Federal Reserve declined to comment, while UBS, the Swiss Financial Market Supervisory Authority, and the Prudential Regulation Authority did not immediately respond to requests for comment.<\/p>\n<p>($1 = 0.7824 pounds)<\/p>\n<\/p>\n<p> (Reporting by Chandni Shah in Bengaluru; Editing by Lisa Shumaker and Jonathan Oatis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/ubs-faces-big-penalty\/attachment\/the-logos-of-swiss-bank-credit-suisse-and-ubs-are-2\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Joe Rogan calls on a Pfizer Friend to debate RFK Jr. on vaccines.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>National Political Correspondent Neil W. McCabe interviewed Tom Van Hoose, the owner of the Highwood Creek Outfitters facility, in Great Falls, Montana, about the combined IRS and ATF raid on his business.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Joe Rogan is offering a large sum of money to be donated to charity for vaccine scientist Peter Hotez to debate Robert F. Kennedy Jr.<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>with Jim Nelles<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>SAO PAULO (Reuters) \u2013 Electric aircraft maker Eve, controlled by Brazil&#8217;s Embraer, said on Tuesday it has signed letters of intent for\u2026<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Rachael Levy and Hyunjoo Jin SAN FRANCISCO (Reuters) \u2013 Billionaire entrepreneur Elon Musk expects his brain-chip startup Neuralink to start its\u2026<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>By Blake Brittain (Reuters) \u2013 Alphabet&#8217;s Google on Friday sued a Los Angeles man and his companies in San Jose, California federal\u2026<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>SEOUL (Reuters) \u2013 Hyundai Motor will consider making its vehicles more readily compatible with the charging standard Tesla is pushing for in\u2026<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>UBS Group AG may be hit with hefty fines for Credit Suisse&#8217;s mishandling of Archegos Capital. Regulators from the UK, Switzerland, and the US have concluded their investigations. UBS has requested the publication of findings from the US Federal Reserve, Swiss Financial Market Supervisory Authority, and UK&#8217;s Prudential Regulation Authority.<\/p>\n","protected":false},"author":66,"featured_media":1951662,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[29161,6178,5032,4583,29162,5280,3618,22134,22089],"class_list":["post-1951661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-archegos","tag-credit","tag-fine","tag-hefty","tag-mishaps","tag-pay","tag-riot","tag-suisses","tag-ubs"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1951661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1951661"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1951661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1951662"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1951661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1951661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1951661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}