Swiss financial regulator finds strategy and management shortcomings led to Credit Suisse collapse

'A traumatic event' for the sector

The Swiss Financial Market Supervisory Authority (FINMA) has concluded that shortcomings in management and strategy over several years were responsible for the collapse of Credit Suisse.

In its report on the Credit Suisse crisis published today (19 December), FINMA found the "inadequate implementation" of strategic focus areas, alongside several scandals and management errors, led to the bank's demise in March 2023. These issues were responsible for Credit Suisse's clients, investors and markets losing confidence in the institution, resulting in high levels of withdrawals of client funds which became the catalyst for its "immediate insolvency" earlier this year. For instance, FINMA found that, even in years where the bank reported losses, its variable remuneration rem...