The Swiss Financial Market Supervisory Authority (FINMA) is contemplating if it should initiate disciplinary action against the managers of Credit Suisse, which was bought by UBS last week in a rescue bid, reported Reuters.

Talking to the Swiss newspaper NZZ am Sonntag, FINMA president Marlene Amstad said that the regulator is ‘still open’ to the possibility of commencing new proceedings against the bank.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Although, its primary focus was on ‘the transitional phase of integration’ and maintaining ‘financial stability’.

A week back, UBS entered a deal to purchase Credit Suisse for CHF3bn ($3.26bn) and to takeover up to CHF5bn in losses incurred by the embattled bank.

The deal, which saved the bank from collapsing, was brokered by the Swiss authorities amid a slump in banking across the globe.

Credit Suisse refused to provide updates on the comments made by the FINMA president.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Amstad was quoted by NZZ as saying: “CS had a cultural problem that translated into a lack of responsibilities.

“Numerous mistakes were made over several years.”

In recent time, the Swiss regulator undertook six public ‘enforcement proceedings’ against Credit Suisse, added Amstad.

Regarding those earlier probes, she said: “We have intervened and used our strongest instruments.”

Amstad also defended Switzerland’s decision to write down the entire CHF16bn of Credit Suisse Additional Tier 1 (AT1) debt as part of the obligatory merger between UBS and Credit Suisse.

Amstad added: “The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support. “The bonds were created precisely for such situations.”