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The parliamentary commission of inquiry into the collapse of Credit Suisse, involving Basel politicians Maya Graf and Daniela Schneeberger, criticized the bank's management for significant errors and the Swiss Financial Market Supervisory Authority (Finma) for its inadequate intervention. Graf emphasized the need for stronger regulatory tools for Finma and improved cooperation among federal authorities to prevent future crises. The PUK report has been submitted to the Swiss Parliament for discussion in the upcoming spring session.
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.
The parliamentary commission of inquiry into the Credit Suisse collapse, which occurred on March 19, 2023, is set to release its findings. Chaired by Isabelle Chassot, the commission scrutinizes the roles of federal authorities, including the Federal Council and the Swiss National Bank, while former Credit Suisse executives face limited accountability. The report aims to clarify the failures that led to the bank's downfall and assess the effectiveness of the "Too Big to Fail" regulation.
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.
Maya Graf
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parliamentary inquiry reveals management failures in credit suisse crisis
17:01 20.12.2024
parliamentary report reveals failures in credit suisse crisis management and oversight
Swiss Franc
United States Dollar
Credit Suisse Real Estate Fund Siat
CHE
Daniel Jositsch
Daniela Schneeberger
Isabelle Chassot
Andrea Caroni
Thomas Matter
Roger Nordmann
Maya Graf
Axel Lehmann
Thomas Jordan
Leo Müller
Werner Salzmann
Matthias Michel
Heidi Zgraggen
Franziska Ryser
Beat Flach
Alfred Heer
Ueli Maurer
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10:30 20.12.2024
Swiss inquiry report on Credit Suisse collapse to reveal key findings
Credit Suisse Real Estate Fund Siat
CHE
Daniel Jositsch
Daniela Schneeberger
Isabelle Chassot
Andrea Caroni
Thomas Matter
Roger Nordmann
Heidi Z'graggen
Marlene Amstad
Maya Graf
Axel Lehmann
Thomas Jordan
Leo Müller
Urs Rohner
Werner Salzmann
Matthias Michel
Thomas Gottstein
Franziska Ryser
Karin Keller-Sutter
Beat Flach
Alfred Heer
Ulrich Körner
Ueli Maurer
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06:21 20.12.2024
credit suisse crisis inquiry reveals accountability and leadership failures
Swiss Franc
United States Dollar
Credit Suisse Real Estate Fund Siat
CHE
Daniel Jositsch
Daniela Schneeberger
Isabelle Chassot
Andrea Caroni
Thomas Matter
Roger Nordmann
Marlene Amstad
Maya Graf
Axel Lehmann
Thomas Jordan
Leo Müller
Urs Rohner
Werner Salzmann
Matthias Michel
Heidi Zgraggen
Franziska Ryser
Karin Keller-Sutter
Beat Flach
Alfred Heer
António Horta-Osório
Ueli Maurer
Show more
05:00 20.12.2024
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