Op risk data: UBS takes a giant Greensill pill
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UBS sustained June’s largest operational risk loss with a $900 million Greensill Capital-related provision. The set-aside will repay investors in Credit Suisse funds linked to the former supply-chain-finance firm.
Greensill collapsed in March 2021, resulting in estimated losses of around $2.3 billion for Credit Suisse. When UBS took over its Swiss rival in 2023, it inherited litigation brought by affected investors. On June 17, 2024, UBS offered to buy back units of these investors’ funds at 90%
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