Credit Suisse ‘seriously breached its supervisory obligations’ in connection with its business relationship with financier Lex Greensill and his companies, Swiss financial watchdog FINMA concluded
The bank's 600 most senior managers must also have their areas of responsibility recorded in a document of responsibility and must be sanctioned by the bank "if they do not organise and manage their business area in such a way that misconduct is prevented as far as possible," FINMA said.
The regulator said it has opened four enforcement proceedings against former managers at the lender. They face a possible ban from the profession of up to 5 years."FINMA’s review has reinforced many of the findings of the Board-initiated independent review and underlines the importance of the actions we have taken in recent years to strengthen our Risk and Compliance culture," he said in a statement.
So far 74% of the fund's $10 billion net asset value at the time of its suspension has been collected. Reporting by Kirsti Knolle and Noele Illien, Editing by Louise Heavens Editing by Paul Carrel and Louise Heavens
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