Fed Ends Actions Against UBS, Credit Suisse Tied to Archegos (1)

The Federal Reserve said Friday it terminated enforcement actions against UBS Group AG and Credit Suisse, after the regulator took action against the banks in 2023 for “unsafe and unsound counterparty credit-risk management practices” at Credit Suisse.

UBS had agreed under that 2023 order to pay a total of about $387 million in fines related to misconduct by Credit Suisse in its dealings with Archegos Capital Management.

The Fed had also directed Credit Suisse to improve counterparty credit-risk management practices and address longstanding deficiencies in other risk-management programs at Credit Suisse’s US operations.

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