How Swiss authorities bungled Credit Suisse oversight



    Business & Finance

    Reuters exclusively reported that about six months before Credit Suisse was sold to rival UBS in a weekend rescue, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into the lender and nationalise it. But Switzerland’s financial regulator FINMA and the finance ministry opposed the idea, as did Credit Suisse’s management, the sources said. Unable to agree, Swiss authorities decided the best solution was to let the company find its own way.

    Market Impact

    Credit Suisse’s demise tainted Switzerland’s reputation as a major center of world finance and a safe haven, and debunked the belief that global banks are safer now. 

    Article Tags

    Topics of Interest: Business & Finance

    Type: Reuters Best

    Sectors: Business & Finance

    Regions: Europe

    Countries: Switzerland

    Win Types: Exclusivity

    Story Types: Exclusive / Scoop

    Media Types: Text

    Customer Impact: Significant National Story

    Source link