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Swiss lawmakers have put Credit Suisse’s failure down to “years of mismanagement” and said authorities prevented a global financial crisis in March 2023 when they orchestrated the bank’s sale to its rival UBS.
The landmark political inquiry, only the fifth in Switzerland’s history, stopped short of apportioning blame to regulators for the failure of one of its largest banks.
However, it criticised the country’s financial watchdog Finma for giving Credit Suisse relief on the amount of capital it had to hold under a so-called regulatory filter.
The Swiss parliamentary committee also said that the country’s “too big to fail” legislation for banks focused too much on Switzerland, was not designed for a crisis of confidence and neglected important market indicators.
“The report confirms that the collapse of Credit Suisse was driven by years of strategic errors, mismanagement and reliance on substantial regulatory concessions,” a spokesperson for UBS, which bought Credit Suisse in 2023, said in a statement.
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