UBS will pay $387 million in fines to clean up lingering messes at Credit Suisse, the wounded Swiss banking rival it acquired this year. That incident helped shatter confidence in the 166-year-old Credit Suisse and foretold its eventual absorption into UBS. That UBS is now left with the bill is a reminder of the risk it took when it agreed, under pressure from the Swiss authorities, to rescue Credit Suisse for $3.2 billion. The settlement increases the takeover price more than 10 percent, and it saddles UBS with a host of measures ordered by regulators to prevent a repeat of such losses. Regulators also ordered UBS “to address additional longstanding deficiencies in other risk management programs at Credit Suisse’s U.S. operations.”

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Persons: Credit Suisse’s, ” Organizations: UBS, Credit Suisse, Credit, Archegos Capital Management, Suisse, Federal Reserve, Regulators, UBS “, Credit Suisse’s Locations: United States, Britain