The Parliamentary Commission of Inquiry's 569-page report on the Credit Suisse crisis reveals extensive mismanagement by the bank's leadership, with over CHF 11 billion in fines and a total loss of CHF 32.3 billion from 2012 to 2022. It criticizes the Financial Market Supervisory Authority for inadequate oversight and highlights the Federal Council's leniency towards big banks. The report concludes with 20 recommendations and 11 motions aimed at improving regulatory frameworks and preventing future crises.
Axel Lehmann, Chairman of Credit Suisse, faces scrutiny over the bank's decline, attributing blame to his predecessors while defending his actions during the crisis. Legal challenges loom, including a lawsuit in the U.S. for allegedly providing false information, as the Parliamentary Commission of Inquiry investigates the bank's management and regulatory failures. The fallout raises questions about the effectiveness of the Financial Market Supervisory Authority and the National Bank's responses during the crisis.
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