Credit Suisse has been fined a record £87m by the Bank of England for 'extremely serious' risk management failures.
The fine is the largest ever issued by the Bank of England's Prudential Regulation Authority .
It also marks the only time officials have established breaches of four of its"fundamental rules", including not acting with due skill, care and diligence, as well as not having effective risk management strategies and controls.deputy governor and the CEO of the PRA, said:"Credit Suisse's failures to manage risks effectively were extremely serious, and created a major threat to the safety and soundness of the Firms [Credit Suisse International and Credit Suisse Securities].
In a statement, the PRA said the failings were"symptomatic of an unsound risk culture within the business line that failed to balance considerations of risk against commercial reward appropriately. "Broadly, this resulted in a failure by the firms to address the risk arising from Archegos' portfolio, a confusion of responsibilities and failures to adequately respond when limit breaches were exceeded.
"The firms had failed to learn from past similar experiences and had insufficiently addressed concerns previously raised by the PRA."
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