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.
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