BERLIN (Reuters) -Credit Suisse “seriously breached its supervisory obligations” in connection with its business relationship with financier Lex Greensill and his companies, Swiss financial watchdog FINMA concluded on Tuesday.
Switzerland’s second-largest bank has been working to overhaul its risk management and compliance as it seeks to recover funds from the collapse of some $10 billion in funds linked to insolvent supply chain finance firm Greensill.
It its review, FINMA said that Credit Suisse “seriously breached its supervisory obligations in this context with regard to risk management and appropriate organisational structures.” The regulator added that it had ordered remedial measures.
The regulator said that from now on, the bank’s most important (approximately 500) business relationships are to be reviewed periodically for counterparty risks at the executive board level.
The bank’s 600 most senior managers…
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