SonntagsZeitung, a daily published in Switzerland, reported on Sunday that the Swiss financial market regulator FINMA had ordered an examination into Credit Suisse’s handling of events leading up to its death in 2023, when the bank was acquired by its longstanding rival UBS.
The publication states that almost a dozen current or former workers of the two banks were interviewed to better understand the 15 months leading up to the state-managed merger in March of last year.
According to the article, the legal firm Wenger Plattner was hired by FINMA to audit Credit Suisse’s crisis management, and Wenger Plattner conducted the interviews.
According to the report, FINMA informed the banks in September 2023 through a “secret” order that it wished to examine Credit Suisse’s handling of the crisis. This led to the appointment. According to the article, the worker interviews should reveal whether the then-management of Credit Suisse had mislead the authorities. Remarks from Reuters were not immediately answered by FINMA, Wenger Plattner, the Swiss National Bank, or the Swiss Finance Ministry. UBS chose not to respond.
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