November 29, 2023

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Swiss regulator probes former Credit score Suisse CEO Thomas Gottstein: Report

1 min read

Gottstein is among the many Credit score Suisse officers beneath investigation, the Swiss newspaper mentioned on Sunday, citing folks aware of the matter who it didn’t establish.

Spokesmen for Finma and UBS Group AG, which has taken over Credit score Suisse, each declined to remark when contacted by Bloomberg.

Finma’s powers to punish banks is restricted because it can not fantastic the establishments it oversees. Sanctions in opposition to people usually end in bans from monetary companies for a sure interval, however not often for a lifetime.

The implosion of Greensill Capital in March 2021 noticed Credit score Suisse freeze and wind down a $10 billion group of funds that the Swiss financial institution had marketed to shoppers as protected investments.

Previous to the UBS merger, Finma criticised Credit score Suisse for its lax method to threat administration and for clear conflicts of curiosity. Particularly, Credit score Suisse made “partly false and overly constructive statements” to Finma concerning the claims choice course of and the funds’ publicity to sure debtors, the regulator mentioned in February.

Credit score Suisse beforehand mentioned about $6.8 billion of the Greensill funds have since been returned to traders and final month the financial institution agreed to pay out a further $200 million to traders of its supply-chain finance funds.

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