The Swiss Financial Market Supervisory Authority announced that it is considering taking disciplinary action against the managers of Credit Suisse after the intervention of UBS to rescue the second-largest bank in Switzerland last week.
Marlene Amstad, the head of the authority, told the Swiss newspaper NZZ am Sonntag that the possibility of starting new proceedings is "still on the table," but the main focus of the regulatory body is now on "the transitional phase of the merger and maintaining financial stability."
In response to a question about whether the authority is considering holding current Credit Suisse managers accountable for the collapse of the second-largest bank in Switzerland, Amstad stated that they are "exploring options."
She pointed out that "Credit Suisse had a cultural issue that led to a neglect of responsibilities," adding that "numerous mistakes were made over several years."
She announced that the authority has taken six general "enforcement actions" against Credit Suisse in recent years. Regarding those actions, she said, "We intervened and used our strongest tools."
Credit Suisse refrained from responding today, Sunday, when asked by Reuters for comment on the statements made by the head of the Swiss Financial Market Supervisory Authority.
Last week, UBS agreed to purchase Credit Suisse for three billion Swiss francs (3.26 billion dollars) in stock and may absorb up to five billion francs in losses as part of a merger designed by Swiss authorities during a period of turmoil in the global banking market.
