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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.

Credit Suisse will reportedly let go of a third of its investment bankers in London by the end of this month, according to reports. The bank, which is in the process of integrating with its fellow Swiss lender UBS, has told investment bankers it will let go of around 80 of them in London.

Credit Suisse is set to launch a new round of layoffs which may impact more than 40 employees in one of its China units, two people with direct knowledge of the matter said, as the now subsidiary of former Swiss rival UBS cut costs following its takeover last month.

UBS's emergency takeover of Credit Suisse may lead to thousands of job losses, departures of key staff and a risky integration challenge, but for many UBS investors it increasingly looks like a good deal for Switzerland's biggest bank.

Credit Suisse Switzerland executive board member Daniel Hunziker will take over the leadership of the bank's corporate clients business, it said on Monday.

A committee that reviews disputes in the credit default swaps (CDS) market said on Monday that UBS is the sole successor to Credit Suisse Group following the merger of the two banks.

UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision.