Op risk data: UBS lands $380m Archegos loss

Also: BofA billed for bilking customers; red faces over Deutsche greenwashing. Data by ORX News

July’s largest operational risk loss – over $380 million – stems from legacy risk management failures in the relationship between the former Credit Suisse and collapsed investment fund Archegos Capital Management. Acquiring bank UBS will foot the bill, made up of a $268.5 million fine from the US Federal Reserve and one of £87.1 million ($111.8 million) from the Prudential Regulation Authority in the UK.

Credit Suisse suffered a $5.5 billion loss in March 2021 when Archegos collapsed. Its

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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