The U.S. Department of Justice has stepped up its probe into Credit Suisse (CS) and UBS (UBS) over suspected compliance failures that allowed Russian clients to evade sanctions, Bloomberg’s Hugo Miller and Ava Benny-Morrison report, citing people familiar with the matter. What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit Suisse, said the people. The DOJ has briefed U.S.-based lawyers for UBS about Credit Suisse’s alleged exposure to sanctions violations since UBS acquired its smaller rival in June, the people said. The DOJ is also looking into possible compliance failures at UBS, one of them said. UBS shares were down more than 3% in Wednesday morning trading, having initially declined 7.9%, the most since March.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on UBS:
- UBS price target raised to CHF 29 from CHF 22 at Berenberg
- UBS price target raised to CHF 33 from CHF 24.50 at HSBC
- UBS sounds out investors over AT1 sale after Credit Suisse rescue, FT reports
- UBS begins to move Credit Suisse employees out of Canary Wharf, FT reports
- Crucial 2024 ECB projection to put inflation above 3%, Reuters says