Shares are set to open up following gains in New York overnight; Monadelphous seals $200m contract with Albemarle; Credit Suisse fined $575m over Archegos fiasco. Follow here for more.
| Credit Suisse has been fined $US388 million by US and British regulators for “significant failures in risk management and governance” related to the collapse of Archegos Capital, which caused a $US5.5 billion trading loss and helped bring about the demise of the Swiss lender.
The US Federal Reserve imposed a $US269 million penalty on the bank for “unsafe and unsound counterparty credit risk management practices”, while the UK Prudential Regulation Authority levied a record £87 million fine, according to a series of co-ordinated statements on Monday . Axel Lehmann, chairman of the Credit Suisse Group, in April. Credit Suisse took the biggest trading hit in its 167-year history when Archegos failed in March 2021.Swiss supervisor Finma said that Credit Suisse had “seriously and systematically violated financial market law” and that it was ordering corrective measures on itsFinma added that it has opened enforcement proceedings against a former employee, but does not have authority to fine financial institutions.
“Credit Suisse’s failures to manage risks effectively were extremely serious, and created a major threat to the safety and soundness of the firms,” said Sam Woods, head of the UK’s PRA. “The seriousness and widespread nature of those failures has led to today’s fine, which is the largest ever imposed by the PRA.”
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