Swiss lawmakers criticized the country’s financial regulator for granting Credit Suisse relief from capital requirements in the years before its collapse and chalked the bank’s failure up to “years of mismanagement” by its leaders, The Financial Times’ Simon Foy and Ortenca Aliaj report. “The responsibility for the loss of confidence in (Credit Suisse) and its precarious situation, which threatened its existence in March 2023, lies with its board of directors and management in recent years,” the commission said. “They have shown themselves to be recalcitrant to numerous interventions by Finma.” The report is set to influence the future regulation of UBS (UBS), the FT notes.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UBS:
- Swiss report on Credit Suisse to be published Friday, Reuters reports
- U.K.’s FCA reviewing WhatsApp use by Credit Suisse staff, Reuters reports
- Gap (NYSE:GAP) Stock Rises Post-Earnings on Positive Analyst Sentiment
- Wall Street Is Pounding the Table on Nvidia (NASDAQ:NVDA) Ahead of Earnings
- UBS price target raised to CHF 34 from CHF 31 at Morgan Stanley