That Swiss did not put Credit Suisse into resolution unhelpful

“The fact that Swiss authorities did not put Credit Suisse into resolution was frankly umhelpful and ultimately a missed opportunity.” aid Martin Gruenberg, FDIC

[July 24 2023 Archegos: The Fed fines UBS $387m – for Credit Suisse “misconduct” ]

The Federal Reserve said it would fine UBS for “misconduct” by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million – including fines from the Swiss government and the Bank of England.

Archegos Capital Management, a former Credit Suisse client, used borrowed money to build massive positions in media companies like ViacomCBS and Discovery but was unable to pay back lenders when share prices dropped.

https://www.federalreserve.gov/newsevents/pressreleases/enforcement20230724a.htm