The Archegos hedge fund had made risky bets on the stock market by borrowing money from banks, but found itself unable to hedge its positions.
The UBS bank will pay a total of 387 million dollars in fines in the United States and the United Kingdom. This sanction occurs after the takeover bid by Credit Suisse, whose “mismanagement” of the risks linked to the US fund Archegos had been criticized, the central banks of these two countries announced on Monday.
The Archegos fund had made risky bets on the stock market by borrowing money from banks, but found itself unable to hedge its positions when markets turned and imploded in 2021, costing Credit Suisse more than $5 billion.
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Source: BFM TV
