Finma calls for more powers after Credit Suisse failure

Swiss central bank head had wanted to nationalise the failing global lender

Swiss Financial Market Supervisory Authority (Finma)
Jennifer Delaney

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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