The US Federal Reserve Board has fined UBS $268.5 million for Credit Suisse's misconduct related to its unsafe counterparty credit risk management practices with Archegos Capital in 2021. UBS acquired Credit Suisse in March 2023. The risk management deficiency occurred due to Archegos' default in 2021, resulting in approximately $5.5 billion in losses for Credit Suisse. The US Fed Board has mandated Credit Suisse to improve its counterparty credit risk management practices and address additional longstanding deficiencies in other risk management programs at its US operations.
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