Credit Suisse Scolded for Failing to Rein in Rogue Banker

Bank criticised by Swiss regulator for not sanctioning manager
People familiar identify the banker as Patrice Lescaudron

Regulators scold Credit Suisse for not punishing a rogue banker. Bloomberg’s Peggy Collins reports. Daybreak: Americas." (Source: Bloomberg)

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By Jan-Henrik Foerster and Hugo Miller

September 17, 2018 at 6:07 AM UTC

Updated on

September 17, 2018 at 3:03 PM UTC

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Credit Suisse Group AG was scolded by Switzerland’s financial regulator for its failure to properly oversee a former star wealth manager convicted of fraud, escaping any real penalties for its compliance shortcomings.

Finma identified deficiencies in the bank’s anti-money laundering controls as well as shortcomings in its oversight of the manager, identified as Patrice Lescaudron by people with knowledge of the matter. The agency didn’t identify Lescaudron by name in the Monday morning statement.