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

'A traumatic event' for the sector

Cristian Angeloni
clock • 3 min read

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Companies

Investors pull £1.6bn from Jupiter's value desk in three months as Whitmore exit nears

Investors pull £1.6bn from Jupiter's value desk in three months as Whitmore exit nears

Firms warns more outflows to come

Sorin-Andrei Dojan
clock 11 October 2024 • 2 min read
Premier Miton's positive summer flows reverse as Autumn Budget jitters drive £133m outflow

Premier Miton's positive summer flows reverse as Autumn Budget jitters drive £133m outflow

Market gains boost AUM to £10.7bn

Sorin-Andrei Dojan
clock 11 October 2024 • 2 min read
AI emerges as key priority for asset management CEOs

AI emerges as key priority for asset management CEOs

Ethical issues such as privacy and bias

Beth Brearley
clock 10 October 2024 • 1 min read
Trustpilot