Switzerland Steps Up Spying Probe Into Its No. 2 Bank
- Finma starts enforcement proceedings after spying probe
- New CEO Gottstein has worked to restore investor confidence
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The fallout from Credit Suisse Group AG’s spying scandal widened as Switzerland’s regulator escalated its investigation into an episode that ultimately led to the ouster of the bank’s chief executive officer.
Banking regulator Finma said it would start an enforcement action against Credit Suisse to look into potential violations and scrutinize how the spying was documented and controlled. While Finma doesn’t have the power to fine a bank, it can take actions such as banning executives from the industry.