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A Swiss inquiry has criticized the financial regulator for its ineffectiveness in addressing the scandals that led to the collapse of Credit Suisse, which was exacerbated by executive mismanagement. Despite an 18-month investigation, the parliamentary commission found no evidence of misconduct by authorities contributing to the bank's downfall.
AllianceBernstein is reportedly preparing to sue Switzerland over the decision to eliminate Credit Suisse's AT1 bonds, which resulted in a $17 billion loss for investors. The asset manager seeks $225 million in compensation and may join ongoing litigation in New York, where other plaintiffs have already filed claims. The Swiss government, facing scrutiny over its handling of the Credit Suisse rescue, has opposed these claims, prompting a commission of inquiry to investigate the matter further.
UBS reported a net profit of $1.4 billion for Q3, significantly exceeding forecasts, driven by strong market activity in investment banking and a 5% rise in sales to $12.3 billion. The bank is ahead of schedule in integrating Credit Suisse, having completed the first wave of customer account migrations, but remains cautious about Q4 due to geopolitical uncertainties and a challenging macroeconomic outlook.
Fabrice Coffrini
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credit suisse collapse inquiry criticizes banking regulator for ineffective oversight
10:34 20.12.2024
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ubs reports strong q3 profit driven by market activity and cost savings
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