London Daily

Focus on the big picture.
Sunday, Aug 24, 2025

Swiss Regulator Vows To Hold Credit Suisse Bosses To Account: Report

Swiss Regulator Vows To Hold Credit Suisse Bosses To Account: Report

"We are not a penal authority but we are exploring the corresponding possibilities," said Finma chair Marlene Amstad was quoted as saying in an interview with NZZ am Sonntag weekly.
Swiss financial regulator Finma is probing how to hold bosses at Credit Suisse to account following its emergency takeover by rival UBS, a media report said on Sunday.

"We are not a penal authority but we are exploring the corresponding possibilities," said Finma chair Marlene Amstad was quoted as saying in an interview with NZZ am Sonntag weekly.

Switzerland, whose vibrant banking scene is a key part of the country's culture, has been shocked to the core by the enforced merger of Credit Suisse with UBS at the government's behest.

A number of observers have voiced fears the new entity emerging from the shotgun marriage will be not so much too big to fail as too large to succeed -- even though the SNB central bank maintains the merger avoided triggering a wider banking crisis.

Amstad -- who noted the new entity's capital and liquidity demands would need to grow progressively in accordance with its new size -- did not hold back on criticism of the culture which had led to its predicament.

The upheaval adds to wide banking turbulence caused by the recent collapse of three US banks.

"The problems were not limited to a sole part of the business but spread across various sectors of the group and an expression of an all round inadequate culture of risk," Amstad added.

He said this translated into a general lack of accountability.

She acknowleded "the bank doubtless has very many employees who work reliably and correctly", but said this had not been enough.

Credit Suisse chairman Axel Lehmann had sought to pin some of the blame for the bank's troubles on social media, something Amstad rejected.

"The social media storm was clearly not the cause of the problem at Credit Suisse. These go back a long way.

"The causes were various scandals and mistakes by management in recent years," she said.

"The bank was already in a crisis of reputation and confidence. At the end of the day, (Credit Suisse) failed because of numerous scandals and bad management decisions.

"The bank's management cleaved for a long time to a high-risk strategy but was not able to deal with those risks in adequate fashion.

"The problems went on for several years," Amstad said, adding she was "not naming names."

Some sector observers have blamed the authorities for not acting sooner but Amstad said Finma had been working behind the scenes and that its actions were not always made public.

She concluded by stressing: "A deficient enterprise culture and strategic appreciation errors on the part of management cannot be totally eliminated by strict regulation."
Newsletter

Related Articles

0:00
0:00
Close
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
MSNBC Rebrands as MS NOW Amid Comcast’s Cable Spin-Off
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
Finnish MP Dies by Suicide in Parliament Building
Outrage in the Tennis World After Jannik Sinner’s Withdrawal Storm
William and Kate Are Moving House – and the New Neighbors Were Evicted
Class Action Lawsuit Against Volkswagen: Steering Wheel Switches Cause Accidents
×