Credit Suisse Securities (USA)

UBS Group AG completed an emergency acquisition of Credit Suisse in June 2023, brokered by Swiss regulators. The US broker-dealer entity is being wound down and integrated into UBS's existing Americas legal structure. Redundant positions, risk exposures, and legacy litigation are being resolved under the combined entity, with the Credit Suisse US brand expected to disappear entirely.

Credit Suisse Securities (USA) was the primary booking entity for the bank's prime brokerage relationship with Archegos Capital Management, the family office that defaulted on margin calls in March 2021. The unit recorded a $5.5 billion trading loss — among the largest single-counterparty loss in the bank's history — triggering a restructuring of its prime services division and management dismissals (per the Wall Street Journal, 2021).

Yes. It held primary dealer status with the Federal Reserve Bank of New York, which authorized it to trade US government securities directly with the Fed and participate in Treasury auctions. This status was a critical piece of the bank's US dollar funding and fixed-income franchise and carried significant capital and reporting obligations.

It operated as a registered broker-dealer serving both the bank's internal trading and client-facing businesses. On the institutional side, it provided execution, prime brokerage, underwriting, and advisory services. Through its wealth management division, it also managed discretionary and advisory assets for high-net-worth US clients, though the entity itself did not report a standalone AUM figure.

The entity was under heightened scrutiny from the SEC and Federal Reserve following the Archegos loss and multiple risk-management failures. In 2022, the Federal Reserve issued enforcement actions addressing deficiencies in counterparty credit risk management. The 2023 acquisition by UBS effectively transferred these regulatory remediation obligations to the combined entity's US operations.