Credit Suisse 'seriously breached' obligations in Greensill case, Swiss regulator says
Publishing timestamp: 2023-02-28 04:18:48
Summary
Swiss regulator FINMA found that Credit Suisse "seriously breached its supervisory obligations" in its business relationship with financier Lex Greensill and his companies, resulting in massive reimbursements to investors after the supply chain finance firm collapsed in early 2021. Credit Suisse CEO Ulrich Krner welcomed the conclusion of FINMA's investigation and the bank has taken steps to strengthen its Risk and Compliance culture. FINMA has ordered remedial measures and opened four enforcement proceedings against former Credit Suisse managers. Credit Suisse shares fell 1.8% during early trade in Europe.
Sentiment: MIXED
Keywords: wall street, business news, investment strategy, markets, credit suisse group ag, banks,