Swiss bank and investment provider Credit Suisse has been fined £87m by the Prudential Regulation Authority for “significant failures in risk management and governance” related to the collapse of Archegos Capital.

Swiss bank and wealth manager UBS has completed its £2.5bn takeover of troubled rival Credit Suisse to create a wealth management giant with approximately £3.8bn of invested assets.

Swiss bank and wealth manager UBS is to acquire its troubled rival Credit Suisse in an “emergency rescue” deal worth £2.5bn.

Former Lloyds Banking Group boss and the chairman of Credit Suisse, Antonio Horta-Osorio, has resigned with immediate effect after breaking Coronavirus quarantine rules.