FT News Briefing Swiss prosecutors file charges against Credit Suisse and UBS
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Dec 2, 2025 
Mercedes Rule, a Financial Times correspondent specializing in Switzerland's banking landscape, discusses the legal troubles haunting Credit Suisse and UBS over a $7 million payment linked to the Tuna Bonds scandal. She highlights potential compliance failures and how the case could impact UBS's liability post-merger. Meanwhile, Chris Smythe, public policy editor at the FT, elaborates on the UK's strategic agreement to increase NHS spending on medicines to avert hefty US tariffs, balancing costs and investment prospects in the life sciences sector.
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Pension Funds Cut US Tech Exposure
- UK pension funds are reducing US equity exposure due to fears of an AI-driven market bubble and concentration in a few tech stocks.
- Defined contribution savers far from retirement often hold heavy US tech exposure, raising vulnerability to a market dip.
Tuna Bond Case Tests Merger Liability
- Swiss prosecutors charged Credit Suisse and parent UBS over organisational failures tied to the Mozambique tuna bond scandal.
- The case tests whether criminal liability transfers to an acquirer after a takeover in Switzerland.
How The Tuna Bond Scandal Unfolded
- The tuna bond scandal began in 2013 when Mozambique borrowed $2bn for maritime projects that were misused amid bribery allegations.
- One highlighted failure: a 2016 $7m payment that lacked a suspicious activity report from the bank's compliance officer.