London Daily

Focus on the big picture.
Wednesday, Jul 15, 2026

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
Beer Industry Warns UK Rules Could Limit Growth of Alcohol-Free Market
Home Office Faces Legal Challenges Over Asylum Seeker Accommodation Closures
UK Heatwaves Linked to More Than Two Thousand Seven Hundred Deaths as Climate Debate Intensifies
Home Secretary Faces Pressure Over Political Security After Ann Widdecombe Murder Investigation
United Kingdom Opens Trade Consultation With Indonesia, Philippines, United Arab Emirates and Uruguay
Robert Jenrick Joins Reform UK After Leaving Conservative Party Leadership Role
Counter-Terrorism Police Take Over Investigation into Murder of Former MP Ann Widdecombe
Andy Burnham Secures Strong Labour Backing in Race to Succeed Keir Starmer
Global Markets Slide as Middle East Conflict Escalation Sends Oil Prices Higher
UK Prime Minister Keir Starmer Offers Condolences Following Death of Qatar’s Father Amir
UK Regional Innovation Policy Focuses on Research Clusters Across Scotland, Wales, and Northern England
UK Corporate Transparency Rules Set to Become More Strict Under Modern Slavery Reform Plans
UK Civil Service Estate Strategy Shifts Government Activity Away From London
UK Strengthens National Security Powers Through New Threat Designations
Greater Manchester Police Conduct Drink and Drug Driving Operations After Football Events
UK Government Advances Darlington Economic Campus With Construction Milestone
UK Authorities Increase Football-Related Security Operations After Tournament Fixtures
UK Invests Fifty-One Million Pounds in National Cryogenics Facility and Regional Innovation Hubs
UK Moves Toward Tougher Modern Slavery Reporting Rules With Corporate Penalties
UK Government Reports Forty-Three Million Pounds in Savings From Office Estate Reform
UK Government Expands Civil Service Regional Strategy With Manchester and Darlington Campus Projects
UK Designates Iran’s Islamic Revolutionary Guard Corps as National Security Threat
United Kingdom Financial Markets Monitor Business Response to Economic Policy Changes
Scottish Renewable Energy Expansion Highlights Need for Faster Grid Development
Wales and Regions Strengthen Focus on Economic Development Through Tourism and Investment
Retail Industry Warns High Street Businesses Remain Under Pressure
Police Chiefs Highlight Growing Challenges Managing Protests and Public Order
Agriculture Leaders Seek Clarity on Post-Brexit Farming Support and Environmental Rules
Transport Unions Warn of Further Industrial Action Over Pay and Working Conditions
Welsh Tourism Sector Reports Strong Growth Driven by Domestic and International Visitors
National Infrastructure Review Gains Support as Leaders Seek Faster Project Delivery
Financial Markets Assess Impact of United Kingdom Corporate Tax Policy Changes
Northern Ireland Assembly Debates Cross-Border Trade and Infrastructure Cooperation Plans
Government Opens Consultations on Housing Reform and Planning System Changes
Scottish Government Faces Pressure to Accelerate Offshore Wind and Grid Expansion
National Energy System Operator Warns Grid Investment Is Needed for Future Electricity Demand Growth
United Kingdom Research Council Invests in Artificial Intelligence and Biotechnology Innovation Hubs
United Kingdom Expands Oversight of Skilled Worker Visa Sponsors Amid Migration Debate
Cross-Party MPs Call for National Infrastructure Strategy Review to Accelerate Economic Growth
Prime Minister Announces One Billion Pound NHS Funding Package Ahead of Winter Pressures
Bank of England Signals Cautious Approach to Interest Rates as Inflation Remains Above Forecasts
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
Passenger Is Pulled Partly Outside Ryanair Jet After Window Fails Mid-Flight
Innovation-led growth strategy
Public service reform pressure
Defence and industrial security
Labour leadership transition and economic reset
Northern England Pushes for Greater Influence in Britain’s Future Economic Model
UK Technology Strategy Focuses on Life Sciences, Digital Innovation and Research Investment
×