UBS Can Manage US Pensions With Agency Warning on Bank Purchase

The US Labor Department will permit UBS Group AG to continue managing US-based retirement assets for one year after its acquisition of Credit Suisse Group AG, but regulators are dangling the possibility of grave future penalties on the Swiss bank for previous global criminal convictions.

DOL’s primary objective in the legal exemption issued Thursday “is to ensure that Covered Plans can terminate their relationships” with UBS Group or Credit Suisse entities that rely on the department’s relief should plans decide to do so.

It’s the latest development in an uncharacteristically critical approach DOL’s Employee Benefits Security Administration has taken ...