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- The Swiss Financial Market Supervisory Authority, Finma, initiated what is known as an enforcement procedure following the “shadow issue” at Credit Suisse.
- The big bank guarantees your full cooperation.
Credit Suisse had its former star manager, Iqbal Khan, invaded by private detectives. The shadow parted and caused several executives to leave the bank, including CEO Tidjane Thiam.
Finma will report on the conclusion of the execution procedure, but will not comment on its content or the possible moment of completion during the ongoing procedure, the financial market supervisory authority said. Experience has shown that these procedures take several months.
Finma had already appointed an auditor at Credit Suisse six months ago as part of its investigations into the context of this matter. It examined matters relevant to supervisory law in relation to the bank’s shadow activities. The inspectors’ investigation has now been completed, Finma continues.
Those were Credit Suisse’s main players.
CS wants to cooperate
Credit Suisse has taken note of Finma’s decision, the bank writes in a statement. The bank will cooperate fully with Finma and is determined to actively work together with the supervisory authority towards a “full and expeditious” processing of this matter and to adequately address the resulting findings.
Employee shadowing is not part of the bank’s culture, Credit Suisse emphasized. Like Finma, CS does not want to comment on the matter until the execution process is complete.
