BLOOMBERG UBS Group AG faces hundreds of millions of dollars in regulatory fines over Credit Suisse Group AG’s dealings with Archegos Capital, as the Swiss bank inherits its former rival’s entire litigation portfolio, according to a person familiar with the matter. The US Federal Reserve’s fine over Archegos may be as high as $300 million, while the UK’s Prudential Regulation ...

BLOOMBERG New Zealand’s government announced an inquiry into its banking sector amid concerns that lenders are making excessive profits. Cabinet has agreed to a market study into competition in the sector for personal banking services to ensure the market is working well for New Zealanders, Finance Minister Grant Robertson said in Wellington. It will be conducted by the antitrust watchdog ...

BLOOMBERG Chinese banks followed the central bank by lowering their benchmark lending rates, although a relatively modest reduction to the mortgage reference rate disappointed investors. The one-year and five-year loan prime rates were reduced by 10 basis points each, according to a statement by the People’s Bank of China (PBOC). While that was in line with the reduction in the ...