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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.
Fed says Credit Suisse engaged in ‘unsafe and unsound counterparty credit risk management practices' related to dealings with the investment firm.
The U.S. Federal Reserve said Monday that UBS Group AG UBS, +1.13% must pay a total of $387 million for alleged misconduct related to $5.5 billion in losses tied to the default of Archegos in 2021. The action includes a $268.5 million fine and consent order against UBS Group AG UBS, +1.13% for misconduct by Credit Suisse, which is now owned by UBS.
The U.S. Federal Reserve announced Monday it had fined UBS Group AG $268.5 million for Credit Suisse's misconduct around its dealings with the defunct investment firm Archegos Capital Management.