Credit Suisse Fallout
Credit Suisse Faces Possible Disciplinary Proceedings: Finma
- We’re not law enforcement but we’re exploring options: Amstad
- Finma ‘welcomes’ debate over new tools such as ability to fine
This article is for subscribers only.
Credit Suisse Group AG faces the threat of a possible probe and disciplinary action over how top managers ran the bank in the lead-up to its collapse and takeover by UBS Group AG, Switzerland’s banking regulator told NZZ am Sonntag.
“CS had a cultural problem that translated into a lack of accountability,” Finma President Marlene Amstad told the Sunday newspaper. “Often it was not clear who was responsible for what. This favored a negligent handling of risks.”