Credit Suisse's failure has been attributed to years of mismanagement, according to Swiss lawmakers. This has led to a political inquiry, which is only the fifth of its kind in the country's history.

The inquiry revealed that a global financial crisis was successfully averted in March 2023 by selling Credit Suisse to its rival, UBS. While regulators were not blamed in the report, the Swiss financial watchdog, Finma, was criticized for allowing Credit Suisse to operate with reduced capital requirements.

The parliamentary committee also expressed concerns about the country's "too big to fail" legislation, stating that it focused too much on domestic issues and did not adequately address critical market indicators during times of crisis. UBS confirmed that the findings of the inquiry support the notion that the bank's collapse was due to strategic errors, mismanagement, and regulatory concessions. This situation highlights the challenges faced by one of Switzerland's largest banks and the potential impact on the wider financial landscape.