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Credit Suisse has been fined $388mn for “significant failures in risk management and governance” related to the collapse of Archegos Capital, which caused a $5.1bn trading loss and helped bring about the demise of the Swiss lender.
The US Federal Reserve imposed a $269mn penalty on Credit Suisse, while the UK Prudential Regulation Authority levied a record £87mn fine, according to a series of co-ordinated statements on Monday.
“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 PRA head Sam Woods.
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