UBS trading halted as US steps up Credit Suisse probe By Proactive Investors

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UBS trading halted as US steps up Credit Suisse probe

Published Sep 27, 2023 15:28 Updated Sep 27, 2023 15:41

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UBS trading halted as US steps up Credit Suisse probe

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Proactive Investors - UBS had trading briefly halted in the US as shares in the bank tumbled following a Justice Department probe into Russian clients avoiding sanctions.

A full-scale investigation is now underway into what was going on at its newly-acquired subsidiary Credit Suisse (SIX:CSGN), according to Bloomberg, and if there were any significant compliance failures.

Shares have since resumed trading but the price in New York is down around 3.5% at US$24.20.

BREAKING: The US Department of Justice escalates a probe into Credit Suisse and UBS over suspected failures that allowed Russian clients to evade sanctions https://t.co/rtkd0EsX1j pic.twitter.com/qbeiOA4XaJ
— Bloomberg Markets (@markets) September 27, 2023

Since August, shares in the bank have fallen by around 20% as concern about the scope of the DOJ probe has increased.

US-based lawyers working for UBS have reportedly been briefed by DoJ lawyers over sanctions violations at Credit Suisse.

UBS bought its troubled rival in June in a hugely controversial move brokered by the Swiss government that saw equity investors take precedence over some classes of bond for the first time,

Read more on Proactive Investors UK

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Comments (2)

Raymond de Waal Sep 27, 2023 22:09

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revenge from the saudies

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Cosmin Ciobanu Sep 27, 2023 16:13

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Here come more bank colapsess

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UBS trading halted as US steps up Credit Suisse probe

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