FINMA considers disciplinary action against Credit Suisse manager for poor management leading to UBS takeover
On March 27, 2566, The Business Times reported that FINMA, Switzerland's financial market regulator, It is considering whether to take disciplinary action against Credit Suisse's managers for poor management that led to a takeover by UBS.
Marlene Amstad, President of FINMA, said on March 26, 2566, “Credit Suisse has a corporate culture problem that leads to a lack of responsibility. It is often not clear who is responsible for what. This encourages reckless risk management,” he said, adding that “We are not a law enforcement agency. But we are exploring options.”
The purchase of Credit Suisse by Grandma is a joint operation between the Central Bank of Switzerland and the Swiss government. and the Swiss Financial Market Supervisory Authority. Last weekend it received widespread criticism from both politicians and citizens in Switzerland. In particular, FINMA has been considering whether it should have done more to prevent the collapse of Credit Suisse.
FINMA's president said FINMA had not intervened early or aggressively enough to deal with Credit Suisse's problems, pointing to six enforcement actions against the bank in recent years.
“Earlier we intervened very intensively. which violates control laws But especially when we take a violent stance, it's often not public. Imagine if it were known that we were following Credit Suisse's restructuring order in November. We have also asked Credit Suisse to prepare alternatives for the recent cases.”
Echoes of Karin Keller-Sutter Minister of Finance of Switzerland On Saturday (March 25), Amstad said the idea of nationalizing the bank had been scrapped. Because there are still a few good examples. And that means that the government will consider Credit Suisse's Total Balance Sheet Risk
Addressing concerns about bank mergers being too big to fail, Amstad said, “Going forward, UBS will face ever-increasing demands for capital and liquidity.”
