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UBS trading halted as US steps up Credit Suisse probe

Published 27/09/2023, 15:28
© Reuters.  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.

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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