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With the takeover of Credit Suisse, UBS also took on the consequences of the scandal surrounding the bankruptcy of New York financial firm Archegos. And now the hefty bill is being offered: $388 million. This is after the supervisory authorities in Switzerland – Finma, the USA and Great Britain – took the case.
Credit Suisse at the time suffered a loss of five billion francs due to the bankruptcy of its client, Archegos Capital Management. This had consequences: As a result, almost all of the half-year profit was consumed.
The hedge fund speculated with stock bets financed by loans. Banks in the US were also affected, but none as badly as Credit Suisse.
+++ Update follows… +++
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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