Credit Suisse has been fined a record £87m by the Prudential Regulation Authority as part of a co-ordinated global resolution that sees the firm face penalties of more than $387m over “significant failures” in risk management and governance related to its exposure to Archegos Capital Management.
The fines against Credit Suisse International and Credit Suisse Securities (Europe) are imposed by Swiss regulator FINMA and the Federal Reserve Board, alongside the PRA, with the watchdogs declaring risk management oversight and practices "fell well below the regulatory standards required". On 26 March 2021, Archegos collapsed, causing international banks to lose $10bn and resulting in the arrest of founder Bill Hwang and former CFO Patrick Halligan on charges of racketeering and securities fraud. UBS prepares to axe more than half of Credit Suisse workforce - reports Credit Suiss...
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