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UBS reportedly could settle a case this week involving Credit Suisse, which UBS acquired in 2023. The bank is set to pay hundreds of millions of dollars in the settlement of the case brought by the U.S. Department of Justice, The Wall Street Journal (WSJ) reported Thursday (Jan. 9), citing unnamed sources.
Investigators digging into archives at failed lender Credit Suisse found several Nazi-linked bank accounts that were never disclosed during 1990s-era probes that led to a $1 billion restitution agreement with survivors of the Holocaust.
Following is a timeline outlining the 168-year history of Credit Suisse Group, the Zurich-based bank that was formally absorbed on Friday by Swiss rival UBS after a 3 billion franc takeover last year.
Lex Greensill is facing up to a 15-year disqualification from running companies on the back of legal action taken by the UK's Insolvency Service. Following a probe into the directors of his failed firm, Greensill Capital, proceedings were opened up by the public body on behalf of the business secretary on Thursday.
UBS Group AG (NYSE:UBS) has started selling ‘Additional Tier 1' bonds again for the first time since its merger with Credit Suisse Group AG (NYSE:CS) caused the bond market to flail. The demand for the newly created debt instruments could signal renewed investor confidence after the Swiss bank's merger with Credit Suisse sent the market for debt into a spiral when a raft of bonds were written down.
Swiss National Bank Chairman Thomas Jordan said the central bank's interventions during the fall of Credit Suisse were "crucial" to avoid a "financial crisis."
UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival.
The U.S. Federal Reserve has hit Swiss bank UBS with a $268.5 million fine over "misconduct" by its rival, Credit Suisse, before the two merged in March.
The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, which was involved in a number of legal battles.
UBS has been ordered to pay $388 million to British and U.S. regulators over Credit Suisse's dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday.