Swiss banking giant UBS has been instructed to pay US$388mln in regulatory penalties linked to its recent acquisition, Credit Suisse, and the latter's interactions with Archegos Capital Management.
The fines were levied by US and UK regulators, with the Federal Reserve receiving US$269mln and the Bank of England receiving US$119mln.
This settlement is the first of several anticipated for UBS, following its takeover of Credit Suisse and the accompanying legal issues, the financial news service Reuters said.
In response, UBS has pledged to enhance operational and risk management within Credit Suisse.
It also plans to resolve Credit Suisse's remaining litigation to the satisfaction of all stakeholders.
Additionally, Swiss financial regulator FINMA has instructed UBS to implement measures to address risk appetite in its compensation culture, making these practices legally binding.