Credit Suisse could face disciplinary action, says Swiss regulator FMTNews FMTBusiness
ZURICH: Swiss financial regulator Finma said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS.
UBS agreed to buy Credit Suisse for 3 billion Swiss francs in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking. Asked whether Finma is looking into holding current Credit Suisse managers accountable for the collapse of Switzerland’s second-largest bank, Amstad said it is “exploring the options”.
Finma had conducted six public “enforcement proceedings” against Credit Suisse in recent years, Amstad said.Amstad also defended Switzerland’s decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 debt, to zero as part of the forced rescue merger.
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