Credit Suisse Group AG (CS) Stock

Lex Greensill is facing up to a 15-year disqualification from running companies on the back of legal action taken by the UK's Insolvency Service. Following a probe into the directors of his failed firm, Greensill Capital, proceedings were opened up by the public body on behalf of the business secretary on Thursday.

UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival.

The U.S. Federal Reserve has hit Swiss bank UBS with a $268.5 million fine over "misconduct" by its rival, Credit Suisse, before the two merged in March.

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.

The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, which was involved in a number of legal battles.

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.

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.