Finma calls for more powers after Credit Suisse failure
Swiss central bank head had wanted to nationalise the failing global lender
Swiss financial regulator Finma said it needs wider-ranging powers in a report on the near-collapse of Credit Suisse this year.
UBS took over 167-year-old Credit Suisse in March, following years of risk management failures and scandals that had resulted in a bank run that threatened its demise.
On December 19, Finma published a detailed account of the events that led up to the global systemically important bank’s takeover and called for more powers. Credit Suisse was the first systemically
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