Marlene Amstad. Thomas Egli/Tages-Anzeiger
Top managers at Credit Suisse may face disciplinary action from Switzerland's banking regulator.
The head of the Swiss Financial Market Supervisory Authority (Finma)
said the failed lender had a "cultural problem" that "favored a
negligent handling of risks.”
- Marlene
Amstad, president of Finma, announced a possible probe into how top
Credit Suisse managers ran the bank leading up to its state-supported
acquisition by UBS.
- Amstad noted that the regulator is "not a law enforcement agency," but said it is "exploring options.”
- Amstad
also said she would welcome a discussion about giving Finma more power
to punish bankers, including the ability to issue fines.
- She pushed back against accusations that the regulator did not intervene early enough to resolve problems at Credit Suisse.
- “We intervened earlier, and very intensively," said Amstad, adding "when we act harshly, it usually doesn’t become public.”
- The Swiss government brokered a deal on March 19 that saw UBS acquire Credit Suisse, which has faced heavy deposit outflows and a selloff in recent weeks.
- The rescue deal followed years of financial scandals and irregularities at Credit Suisse, which became the first major Swiss bank to face a criminal trial in 2022.
