“FINMA imposed a temporary add-on of CHF 5.8 billion (USD 6.1 billion) to the Group’s credit risk RWA (risk-weighted assets) in relation to its exposure in the US-based hedge fund matter, which was included in movements in risk levels,” it said in a first-quarter regulatory filing.

Nor, unfortunately for old CS, is FINMA the only one to have noticed.

Federal prosecutors in New York have requested information about Archegos Capital Management from banks across Wall Street, according to people familiar with the matter.

Banks that lent to Archegos, including Credit Suisse Group AG, UBS Group AG, Goldman Sachs Group Inc. and Morgan Stanley, have been contacted for information, the people said.

And in the U.K., the Prudential Regulation Authority has been asking firms including Credit Suisse, Nomura and UBS Group AG to hand over information related to their lending to Archegos, people familiar with the matter have said.

Credit Suisse details Swiss watchdog action after Archegos blow up [Reuters]
Federal Prosecutors Have Asked Banks for Information About Archegos Meltdown [WSJ]
Justice Department Opens Probe Into Archegos Blowup [Bloomberg]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.

Staley, of course, was a longtime friend of Epstein’s and occasional guest at his private Caribbean island, which may or may not have been nothing more than a beachy venue for trafficking in sex with underage girls away from prying eyes. And Staley was intimately involved in the one piece of actual business we know Epstein transacted, helping his buddy Glenn Dubin—who has since retired so as to never have to answer a question about Epstein again—find a buyer for his hedge fund, specifically one Jes Staley, then a top JPMorgan Chase executive.

Anyway, since none of the aforementioned sex stuff appears to have happened on British soil, and since Staley himself has not been tied to even an Epstein-arranged massage while wearing underpants, the Bobbies haven’t knocked on Staley’s door. But the Financial Conduct Authority and Prudential Regulation Authority have, and would like to know what, exactly, he told certain whos about his relationship with Epstein, and when.

Barclays bank said the investigation, launched by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in December, focused on Staley’s “characterisation to the company of his relationship with Mr Epstein and the subsequent description of that relationship in the company’s response to the FCA”….

Barclays said it had conducted an internal review and had no concerns over the way its chief executive had characterised his dealings with the convicted sex offender. A spokesman said the bank had been aware of the relationship with Epstein before Staley’s appointment in October 2015.

Barclays added that Staley had “confirmed to the board that he has had no contact whatsoever with Mr Epstein at any time since taking up his role as Barclays Group CEO in December 2015”.

That it quite frankly far more confidence than we’re comfortable with Barclays showing about anything, but like everyone else in Staley’s position vis-à-vis Epstein, he’d rather not talk about it more than is absolutely necessary, so can this just suffice, please?

"It has been very well known I had a professional relationship with Jeffrey Epstein," Mr Staley told reporters on Thursday. "It goes back to 2000 when I was asked to run the JP Morgan private bank and he was already a client when I joined the private bank.

"The relationship was maintained during my time at JP Morgan but as I left JP Morgan the relationship tapered off quite significantly. Obviously I thought I knew him well and I didn't. For sure, with hindsight with what we know now, I deeply regret having any relationship with Jeffrey."

And even a little more now than before the FCA and PRA got involved, we imagine.

Barclays boss Jes Staley’s links to Jeffrey Epstein investigated [Guardian]
Barclays boss Jes Staley ‘deeply regrets’ sex offender link [BBC]

This is especially true of the Commodity Futures Trading Commission which, even by generally meagre standards of U.S. regulatory funding, is a pathetic pauper. Getting to trumpet getting tough on Goldman Sachs to the tune of $1 million is a godsend for an agency as broke as the CFTC. Anything more ambitious is going to require some help.

The Commodity Futures Trading Commission during the 2019 fiscal year filed a record 16 enforcement actions alongside related criminal charges, the agency said this week in its annual enforcement report…. The agency has strengthened its relationship with the U.S. Justice Department, sharing information on cases in which it spots potential criminal activity…. The director of the agency’s enforcement division, James McDonald—himself a former federal prosecutor—has highlighted the benefits of the increased coordination for both agencies. The CFTC’s specialized expertise and deep knowledge of market data enable it to identify potential criminal conduct that others wouldn’t otherwise catch, he told attendees of a legal conference in New York in September.

And then leave the real work to those with the money to pursue it.

CFTC Relying More Heavily on Coordination with Criminal Prosecutors [WSJ]
CFTC Fines Goldman Sachs $1 Million for Failing to Record Calls [WSJ]
Bank Regulator Fines Citigroup’s U.K. Operations $56.6 Million for Regulatory Failings [WSJ]

Wait, sorry, wrong feed.

Theresa May’s Brexit plan has been defeated for a third time in parliament despite a large number of Tory rebels finally backing it….

"This House has rejected no deal, it has rejected no Brexit. On Wednesday it rejected all the variations of the deal on the table. And today it has rejected approving the withdrawal agreement alone and continuing a process on the future."

I see. Well, I guess the moonscape devastation of the above clip pretty well sums it up, then.

Stephen Phipson, chief executive of manufacturers' group Make UK, said: "Business is devastated that after two years of negotiations, months of increasing uncertainty and weeks of building frustration, after three attempts the withdrawal deal has not been agreed by the House of Commons.

"This now makes the nightmare of a no-deal scenario more likely than ever."

Edwin Morgan, interim director general of the Institute of Directors, said: “We are running out of words to express how sick business leaders are of being stuck in this spirit-sapping limbo.”

It would, of course, be too exhausting to go over how we got to this point, so we’ll just let Politico do it. But as we enter the 133 weekend of this divine purgatory, don’t think there aren’t some silver linings.

Britain introduced a “temporary permissions regime” or TPR for EU financial firms to notify UK regulators if they want to continue serving UK customers after March 29 if the United Kingdom left the bloc with no divorce settlement….

The Financial Conduct Authority (FCA) said on Friday it has extended the deadline for notifications to April 11, the day before Britain has agreed with Brussels to leave the EU if there is no exit deal.

The Bank of England’s Prudential Regulation Authority (PRA)has introduced a similar extension.

Brexit vote: Theresa May’s deal rejected by MPs again despite winning support from Tory rebels [The Independent]
Business ‘devastated’ by Brexit vote [BBC]
Brexit fatigue: business leaders fed up of paying price of uncertainty [Guardian]
How the UK lost the Brexit battle [Politico]
Britain gives EU banks more time for no-deal Brexit preparations [Reuters]

This has not been the best week of Theresa May’s life. And remember: It’s had some pretty stiff competition this year alone. Anyway, the mortally wounded British prime minister trudged up to Manchester this week to rally the Tory troops. Then, she trudged through just about the worst speech of her life—again, against stiff competition!—amidst the early stages of bronchitis, a collapsing set and a cheeky chappie handing her the U.K. equivalent of a pink slip, all the while looking over her shoulder at the shaggy-headed buffoon whose official position is Foreign Secretary but whose actually full-time job is to undermine her. Meanwhile, her negotiating strategy—such as it is—with her soon-to-be-former partners in the European Union isn’t going great, with the EU Parliament overwhelmingly voting against beginning talks on a free-trade and transition deal for the U.K. post-Brexit, which the EU’s chief said will now require “miracles.”

Well, miracles are exactly what Theresa May’s going to need if she wants to save the U.K.’s most important industry from trudging en masse for the Channel and then beyond, according to the head of Britain’s chief financial regulator. A Christmas miracle, in fact.

“If we get to Christmas and the negotiations have not reached any agreement on this topic, diminishing marginal returns will kick in,” Sam Woods, chief executive officer of the Prudential Regulation Authority, said in London on Wednesday. “Firms would start discounting the likelihood of a transition in the central case of their planning.”

In other words, in absence of a deal, the boxes in the City will start opening on Boxing Day, but in the bad kind of way. The learning to say “Fröhliche Weihnachten” by next Christmas kind of way.

Brexit Bridge Must Be Set by Christmas, Bank of England Official Says [Bloomberg]