Index Investing News
Monday, May 26, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Credit Suisse ‘seriously breached’ obligations in Greensill case

by Index Investing News
February 28, 2023
in Markets
Reading Time: 2 mins read
A A
0
Home Markets
Share on FacebookShare on Twitter


The logo of Credit Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023.

Bloomberg | Bloomberg | Getty Images

Credit Suisse “seriously breached its supervisory obligations” in the context of its business relationship with financier Lex Greensill and his companies, Swiss regulator FINMA concluded Tuesday.

The embattled Swiss lender’s exposure to the London-based Greensill Capital resulted in massive reimbursements to investors after the supply chain finance firm collapsed in early 2021.

“In its proceedings, FINMA concluded that Credit Suisse Group seriously breached its supervisory duty to adequately identify, limit and monitor risks in the context of the business relationship with Lex Greensill over a period of years,” the regulator said, adding that it also found “serious deficiencies in the bank’s organisational structures” during the period under investigation.

“Furthermore, it did not sufficiently fulfil its supervisory duties as an asset manager. FINMA thus concludes that there has been a serious breach of Swiss supervisory law.”

Credit Suisse CEO Ulrich Körner welcomed the conclusion of the FINMA investigation in a statement Tuesday.

“This marks an important step towards the final resolution of the SCFF issue. FINMA’s review has reinforced many of the findings of the Board-initiated independent review and underlines the importance of the actions we have taken in recent years to strengthen our Risk and Compliance culture. We also continue to focus on maximizing recovery for fund investors,” he said.

In March 2021, Credit Suisse closed four supply chain finance funds at short notice related to Greensill companies. The funds were distributed to qualified investors with client documentation indicating low risk, and client exposure sat at around $10 billion at the time of the closure.

The Greensill saga was a key reason behind Credit Suisse’s massive overhaul of its risk management and compliance operations, alongside the collapse of Archegos Capital.

Credit Suisse highlighted that, since March 2021, it has undergone senior management changes, implemented disciplinary measures and a new global accountability model, increased governance oversight and strengthened controls by moving risk oversight into a dedicated divisional risk management function.

FINMA announced Tuesday that it has ordered remedial measures and opened four enforcement proceedings against former Credit Suisse managers.

“In future, the bank will have to periodically review at executive board level the most important business relationships (around 500) in particular for counterparty risks,” the regulator said.

“In addition, the bank is required to record the responsibilities of its approximately 600 highest-ranking employees in a responsibility document.”

Credit Suisse noted that all of the requirements identified by the regulator “are being addressed through the organizational measures already underway.”

“FINMA has not ordered any confiscation of profits in connection with the proceedings and the implementation of the additional measures is not expected to result in significant costs for Credit Suisse,” the bank added.

Credit Suisse shares fell 1.8% during early trade in Europe.



Source link

Tags: breachedCaseCreditGreensillobligationsSuisse
ShareTweetShareShare
Previous Post

Russia-Ukraine war: List of key events, day 370 | Russia-Ukraine war News

Next Post

Biden’s energy is inspiring – Las Vegas Sun Newspaper

Related Posts

AI bubble fueled by zero charges faces inflation wrestle forward – Apollo (ARTY:NYSEARCA)

AI bubble fueled by zero charges faces inflation wrestle forward – Apollo (ARTY:NYSEARCA)

by Index Investing News
May 25, 2025
0

Could 25, 2025 12:43 PM ETiShares Future AI & Tech ETF (ARTY), ROBT, AIQAAPL, GOOG, AMZN, MSFT, NVDA, TSLA, META,...

Prime Wall Road analysts favor these shares for the lengthy haul

Prime Wall Road analysts favor these shares for the lengthy haul

by Index Investing News
May 25, 2025
0

Idrees Abbas | SOPA Photographs | Lightrocket | Getty PhotographsThe rising U.S. funds deficit is on the forefront of traders'...

ValueAct takes a stake in Rocket Cos. How the activist might assist raise shares

ValueAct takes a stake in Rocket Cos. How the activist might assist raise shares

by Index Investing News
May 24, 2025
0

FILE PHOTO: A banner celebrating Rocket Firms Inc., the mother or father firm of U.S. mortgage lender Quicken Loans, IPO...

Costco (COST) all set to report Q3 2025 earnings. Right here’s what to anticipate

Costco (COST) all set to report Q3 2025 earnings. Right here’s what to anticipate

by Index Investing News
May 23, 2025
0

Costco Wholesale Company (NASDAQ: COST) has delivered a formidable efficiency within the first half of FY25, aided by robust membership...

Goal Company (TGT): A take a look at how the retailer is navigating a troublesome atmosphere

Goal Company (TGT): A take a look at how the retailer is navigating a troublesome atmosphere

by Index Investing News
May 24, 2025
0

Shares of Goal Company (NYSE: TGT) stayed pink on Friday. The inventory has dropped 23% over the previous three months....

Next Post
Biden’s energy is inspiring – Las Vegas Sun Newspaper

Biden’s energy is inspiring - Las Vegas Sun Newspaper

How Biden’s ‘Green Energy Economy’ is Benefiting Left-Wing Billionaires

How Biden’s ‘Green Energy Economy’ is Benefiting Left-Wing Billionaires

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

The Ethics of Inequality – Econlib

The Ethics of Inequality – Econlib

May 25, 2025
How Vasili Arkhipov helped prevent nuclear war 60 years ago

How Vasili Arkhipov helped prevent nuclear war 60 years ago

October 28, 2022
A’s likely to file funding request with Nevada Legislature this week

A’s likely to file funding request with Nevada Legislature this week

May 15, 2023
Three U.S. Crypto-Pleasant Banks That You Can Make investments In

Three U.S. Crypto-Pleasant Banks That You Can Make investments In

April 7, 2022
Republican Tom Rice provides lengthy interview, calls Trump some fairly dangerous names

Republican Tom Rice provides lengthy interview, calls Trump some fairly dangerous names

June 11, 2022
Larry Summers’s Insight and Misunderstanding

Larry Summers’s Insight and Misunderstanding

February 20, 2023
Globes names Finout “Most Promising Startup of 2025”

Globes names Finout “Most Promising Startup of 2025”

April 25, 2025
Waiter to Monetary Freedom in 18 Months

Waiter to Monetary Freedom in 18 Months

March 18, 2025
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In