Switzerland’s financial regulator started enforcement proceedings against Credit Suisse Group AG over a spying scandal that led to the ouster of ex-Chief Executive Officer Tidjane Thiam.
The move marks an escalation of regulatory involvement in the espionage charges, which also triggered probes by Swiss prosecutors. Finma said it will pursue any potential violations of supervisory law, and in particular will scrutinize how these activities were documented and controlled.
Credit Suisse is struggling to move beyond one of the most damaging episodes in its recent history after it spied on star banker Iqbal Khan, who was leaving for rival UBS Group AG. The scandal tainted the bank’s reputation, led to the exit of Thiam in a power struggle, and rattled Swiss financial circles.
Chairman Urs Rohner turned to Thomas Gottstein, a two-decade Credit Suisse veteran, to restore investor confidence. Gottstein has had to contend with a series of setbacks since the … Read More