UBS faces big penalty over Credit Suisse's Archegos failings -FT

UBS completed its emergency takeover of embattled rival Credit Suisse last week, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet. UBS set aside $4 billion for potential lawsuits on the Credit Suisse deal in May, according to a presentation. UBS, the Swiss Financial Market Supervisory Authority, the Fed and the Prudential Regulatory Authority did not immediately respond to requests for comment.

UBS Group AG faces hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital, after UK, Swiss and U.S. regulators completed investigations, the Financial Times reported on Monday.

Britain's Prudential Regulation Authority could impose a fine of up to 100 million pounds ($127.81 million), while the U.S. Federal Reserve could impose a penalty of up to $300 million, the newspaper reported, adding that Credit Suisse had set aside just $35 million for potential fines. UBS completed its emergency takeover of embattled rival Credit Suisse last week, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet.

UBS set aside $4 billion for potential lawsuits on the Credit Suisse deal in May, according to a presentation. UBS, the Swiss Financial Market Supervisory Authority, the Fed and the Prudential Regulatory Authority did not immediately respond to requests for comment. ($1 = 0.7824 pounds)