Op risk data: UBS lands $380m Archegos loss
Also: BofA billed for bilking customers; red faces over Deutsche greenwashing. Data by ORX News
July’s largest operational risk loss – over $380 million – stems from legacy risk management failures in the relationship between the former Credit Suisse and collapsed investment fund Archegos Capital Management. Acquiring bank UBS will foot the bill, made up of a $268.5 million fine from the US Federal Reserve and one of £87.1 million ($111.8 million) from the Prudential Regulation Authority in the UK.
Credit Suisse suffered a $5.5 billion loss in March 2021 when Archegos collapsed. Its
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