Tue. Feb 27th, 2024

The brand of Credit score Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023.

Bloomberg | Bloomberg | Getty Photographs

Credit score Suisse “significantly breached its supervisory obligations” within the context of its enterprise relationship with financier Lex Greensill and his corporations, Swiss regulator FINMA concluded Tuesday.

The embattled Swiss lender’s publicity to the London-based Greensill Capital resulted in large reimbursements to buyers after the provision chain finance agency collapsed in early 2021.

The Greensill saga was a key motive behind Credit score Suisse’s large overhaul of its threat administration and compliance operations, alongside the collapse of Archegos Capital.

FINMA introduced Tuesday that it has ordered remedial measures and opened 4 enforcement proceedings in opposition to former Credit score Suisse managers.

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