Swiss Regulator Mulls Disciplinary Action Against Credit Suisse, Says Bank Made Numerous Mistakes

• Swiss Financial Market, Supervisory Authority FINMA, is reportedly considering disciplinary action against Credit Suisse Group AG's (NYSE: CS) managers.

• FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was "still open" whether new proceedings would be started, but the regulator's main focus was on "the transitional phase of integration" and "preserving financial stability."

• Also Read: European Bank Trouble: Deutsche Bank Stock Under Pressure Due To Higher Costs Of Default Insurance.

• When Reuters 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."

• "CS had a cultural problem that translated into a lack of responsibilities," Amstad was quoted as saying by NZZ, adding: "Numerous mistakes were made over several years."

• FINMA had conducted six public "enforcement proceedings" against Credit Suisse in recent years, Amstad said in a Reuters report.

• "We have intervened and used our strongest instruments," she said of its previous moves.

• Amstad also defended Switzerland's decision to write down CHF 16 billion of Credit Suisse Additional Tier 1 (AT1) debt to zero as part of the forced rescue merger with UBS Group AG (NYSE: UBS).

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Swiss Regulator Mulls Disciplinary Action Against Credit Suisse, Says Bank Made Numerous Mistakes originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.