Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Swiss regulator investigating Credit Suisse’s final months, report says

admin by admin
September 22, 2024
in Stock
0
Swiss regulator investigating Credit Suisse’s final months, report says
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

ZURICH (Reuters) – Swiss financial market regulator FINMA ordered an audit into Credit Suisse’s handling of events leading to its demise in 2023, when the bank was acquired by its longtime rival UBS, Swiss newspaper SonntagsZeitung reported on Sunday.

According to the paper, FINMA is looking at the 15 months prior to the state-orchestrated merger in March last year, for which purpose it said close to a dozen current or former employees of the two banks had been interviewed.

To carry out the audit of the crisis management at Credit Suisse, FINMA had commissioned law firm Wenger Plattner, which conducted the interviews, the paper reported.

That appointment followed what the paper said was a “secret” order issued by FINMA in September 2023 informing the banks that it wanted to review how Credit Suisse handled the crisis. The interviews of the staff should show whether authorities had been misled by Credit Suisse’s then-management, the paper said.

FINMA and Wenger Plattner, the Swiss finance ministry and the Swiss National Bank did not immediately respond to Reuters requests for comment. UBS declined to comment.

The investigation encompasses questions such as when it became clear Credit Suisse could no longer be saved, what the bank’s liquidity was like, how its equity was looking and how its management was in general, the newspaper said.

In a report issued in December, FINMA said Credit Suisse came close to imploding months before its takeover and argued for stronger powers to oversee banks.

A Swiss parliamentary committee that has been investigating how authorities handled the demise of Credit Suisse is expected to deliver its report later this year.

Swiss authorities in April set out a package of measures – including stricter capital requirements for UBS – aimed at preventing a repeat of the Credit Suisse meltdown.

Parliament is expected to debate those proposals following the publication of the parliamentary report.

Critics of the Credit Suisse takeover argue that Swiss authorities could have kept the bank going as a separate business but were slow to act and should have given greater assurances that it would survive.

The authorities have defended their actions, and pointed to failures at Credit Suisse for the collapse.

This post appeared first on investing.com

Previous Post

Japan PM hopeful Ishiba sees ‘room’ for corporate tax hike, Kyodo reports

Next Post

What the Fed decision means for markets, beyond the near term

admin

admin

Next Post
What the Fed decision means for markets, beyond the near term

What the Fed decision means for markets, beyond the near term

Trending News

Boeing CEO presses turnaround as loss balloons to $6 billion

Boeing CEO presses turnaround as loss balloons to $6 billion

October 23, 2024
Accenture announces $4 billion share buyback as AI powers strong quarterly revenue

Accenture announces $4 billion share buyback as AI powers strong quarterly revenue

September 26, 2024
Rolls-Royce wins SMR bid as UK launches nuclear drive with Sizewell C and mini reactors

Rolls-Royce wins SMR bid as UK launches nuclear drive with Sizewell C and mini reactors

June 10, 2025
Subscribe to Insightful Word


    Recent News

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    June 26, 2025
    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    June 26, 2025
    S&P 500 nears record high as Wall Street opens higher amid tech momentum

    S&P 500 nears record high as Wall Street opens higher amid tech momentum

    June 26, 2025
    Galaxy Digital launches $175 million fund to back DeFi and stablecoin startups

    Galaxy Digital launches $175 million fund to back DeFi and stablecoin startups

    June 26, 2025

    Recent News

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    S&P 500 nears record high despite headwinds: key drivers behind the surprise rally

    June 26, 2025
    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high

    June 26, 2025

    Latest News

    • S&P 500 nears record high despite headwinds: key drivers behind the surprise rally
    • Top Nasdaq 100 Index stocks of 2025 as it breaks new all-time high
    • S&P 500 nears record high as Wall Street opens higher amid tech momentum

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.