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The EU's General Court has upheld a €172.4 million antitrust fine against UBS for its role in a bond trading cartel, while slightly reducing fines for UniCredit and Nomura. The total fines imposed by the European Commission on the three banks amounted to €371 million. Other banks involved, such as NatWest and Bank of America, were not fined for various reasons, including NatWest's initiation of the proceedings.
The Swiss Ministry of Finance has fined former Credit Suisse risk head Lara Warner 100,000 Swiss francs for failing to report suspected money laundering linked to a $7.9 million payment in 2016, part of the Mozambique scandal. This penalty is the second-highest for such breaches. Warner's lawyer claims the decision is unjust, asserting that she was not responsible for the failure to report and plans to seek judicial review.
The Swiss Social Democrats are calling for UBS to bolster its hard core capital by $40 billion to avert a potential banking crisis following Credit Suisse's collapse. However, the Swiss People's Party has dismissed these extensive capital requirements. Should parliament reject the proposal, the SP suggests that UBS may need to be broken up or relocate its headquarters.
Ariane Lüthi
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
eu court upholds fine against ubs in bond cartel case
Euro
Bank of America Corporation
Nomura Holdings, Inc.
UniCredit S.p.A.
NatWest Group plc
CHE
Foo Yun Chee
Myria Mildenberger
Paul Arnold
Ariane Lüthi
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12:47 26.03.2025
former credit suisse manager fined for failing to report money laundering
United States Dollar
Credit Suisse Strategic Income I
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Sabine Wollrab
Oliver Hirt
Lara Warner
Ariane Lüthi
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11:08 19.03.2025
Swiss Social Democrats propose 40 billion capital increase for UBS
12:19 03.03.2025
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