UBS is being fined for missteps by Credit Suisse less than two months after UBS completed an emergency takeover of its former rival.

On Monday, the Federal Reserve said it would fine UBS for "misconduct" by Credit Suisse in its risk management of Archegos Capital Management, an investment fund that collapsed in 2021. All told, the fines levied against UBS announced Monday total $387 million -- including fines from the Swiss government and the Bank of England.

Archegos Capital Management, a former Credit Suisse client, used borrowed money to build massive positions in media companies like ViacomCBS and Discovery but was unable to pay back lenders when share prices dropped. Discovery is now part of Warner Brothers Discovery, CNN's parent company.

In its announcement of the fine, the Federal Reserve Board said that Credit Suisse practiced "unsafe and unsound" credit risk management practices in its dealings with Archegos.

"Credit Suisse repeatedly failed to address identified risks associated with Archegos' portfolio despite repeated escalation of red flags by staff to multiple levels of management," the Fed said.

UBS and Credit Suisse have also been ordered to submit a plan to strengthen oversight of their US operations and senior management in the next 120 days.

The little-known hedge fund's default sent shockwaves throughout Wall Street in 2021, resulting in a $5.5 billion loss for Credit Suisse and the departure of two of the bank's top executives.

In a statement, Credit Suisse said UBS has already begun implementing its risk framework across the combined organization and that "UBS intends to resolve Credit Suisse's outstanding litigation and regulatory matters in the best interest of its stakeholders, including investors, clients and employees."

In June, UBS completed an emergency takeover of its fellow Swiss banking giant for 3 billion Swiss francs (or $3.25 billion) in the biggest banking deal since the 2008 financial crisis. Credit Suisse, formerly the second-largest lender in Switzerland, bled customer deposits earlier this year and faced an even greater rush of withdrawals after the failures of regional American banks Silicon Valley Bank and Signature Bank. UBS's rescue was orchestrated by Swiss authorities in order to avoid an international banking crisis -- and UBS struck a deal with the Swiss government to share losses linked to Credit Suisse.