Credit Suisse Faces Possible Probe, Disciplinary Proceedings

Credit Suisse Group AG faces the threat of a possible probe and disciplinary action over how top managers ran the bank in the lead-up to its collapse and takeover by UBS Group AG, Switzerland’s banking regulator told NZZ am Sonntag.

“CS had a cultural problem that translated into a lack of accountability,” Finma President Marlene Amstad told the Sunday newspaper. “Often it was not clear who was responsible for what. This favored a negligent handling of risks.”

Whether to start fresh proceedings remains an “open question,” she said, adding, “we’re not a law enforcement agency, but we’re exploring options.”

WATCH: Credit Suisse is facing a possible probe. Adam Haigh reports.

Source: Bloomberg