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The Parliamentary Commission of Inquiry (CEP) is investigating the failures that led to Credit Suisse's collapse, focusing on the roles of key officials and the interaction between financial authorities. The report, expected soon, will address whether regulatory bodies like Finma should have acted sooner and if they need more powers to prevent future crises. Additionally, it will explore the adequacy of capital requirements for major banks in Switzerland.
The Parliamentary Commission of Inquiry (PUK) is set to release its report on the Credit Suisse collapse, focusing on the failures of authorities like FINMA and the Federal Department of Finance. Key figures, including former Finance Minister Ueli Maurer and FINMA head Marlène Amstad, are under scrutiny for their roles in the bank's downfall. The report aims to identify necessary reforms and whether FINMA requires more power to prevent future crises.
Credit Suisse faced a dramatic decline, culminating in a CHF 7.3 billion loss for 2022, its largest since the financial crisis. Following failed rescue attempts and significant cash outflows, UBS acquired Credit Suisse for CHF 3 billion in shares, with the Swiss National Bank providing CHF 200 billion in liquidity assistance. The bank's 167-year history ended on June 12, 2023, with its shares trading at just 81.7 centimes, over a hundred times less than pre-crisis values.
UBS's acquisition of Credit Suisse, finalized on March 19, 2023, marked the end of a turbulent era for the latter, which faced significant financial challenges, including massive losses and client withdrawals. The Swiss government and the Swiss National Bank provided substantial support, including liquidity assistance and guarantees totaling CHF 109 billion. The Financial Market Supervisory Authority, Finma, is now exploring additional crisis management options following the merger.
The imminent PUK report will investigate the causes behind Credit Suisse's collapse in March 2023, focusing on the roles of key authorities like FINMA, the Swiss National Bank, and the Federal Department of Finance. The commission, led by Isabelle Chassot, has conducted over sixty interviews and will address regulatory failures and the need for reforms in the Swiss financial system. Following its publication, the findings will inform legislative changes and regulatory measures to prevent future banking crises.
Tidjane Thiam, former CEO of Credit Suisse, faced xenophobia and racism during his tenure, as highlighted by journalist Duncan Mavin in his book "Meltdown." Thiam encountered a hostile environment marked by internal resistance and troubling incidents, including being detained at Zurich airport and his sons facing harassment on public transport. Despite these challenges, he remained resilient and left a significant impact on the banking sector.
Tidjane Thiam, former CEO of Credit Suisse, faces allegations of using the bank"s security staff to spy on his partner"s ex-husband, leading to a $15 million lawsuit. This follows previous accusations of misconduct during his tenure, which resulted in serious regulatory violations. Thiam, now a political candidate in Côte d"Ivoire, may find his past actions complicating his future ambitions.
Credit Suisse faced a staggering loss of nearly $1 billion due to poor trades made in 2012, leading to a tumultuous restructuring under CEO Tidjane Thiam. Despite initial hopes for recovery, the bank reported a $3 billion loss in 2015, marking its first annual deficit since the financial crisis, and continued to struggle with legal issues and regulatory scrutiny. Thiam"s efforts to implement a new strategy were met with skepticism, as he grappled with a complex internal environment and external pressures, ultimately questioning the bank"s viability.
Credit Suisse"s collapse stemmed from a series of scandals that eroded trust among clients, regulators, and investors, exacerbated by a rapid turnover in leadership. The bank"s mismanagement, highlighted by significant losses from the Archegos and Greensill scandals, left it vulnerable to a digital bank run, ultimately leading to its forced takeover by UBS amid a broader banking crisis. Social media amplified existing fears, revealing the fragility of the banking system and prompting calls for regulatory reforms to address these new challenges.
Tidjane Thiam, former CEO of Credit Suisse, faces renewed scrutiny over past surveillance allegations while pursuing a political career in Côte d'Ivoire. His tenure at the bank, marked by distrust and controversial decisions, ended amid accusations of mismanagement and a failure to stabilize the institution, which ultimately led to its emergency takeover by UBS in 2023. Despite the challenges, Thiam remains a prominent figure, recently elected leader of the largest opposition party and eyeing the presidency.
Tidjane Thiam
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