The Swiss Financial Market Supervisory Authority FINMA says it will have an independent auditor investigate Swiss bank Credit Suisse “in the context of observation activities”.
“FINMA’s ongoing investigations of this matter will now be stepped up with the help of an independent auditor. This investigator will clarify the relevant corporate governance questions, particularly in relation to the observation activities, the handling of information in this context and the use of electronic communications.”
FINMA said that it would provide further information once its investigation had been concluded and that the probe could take several months.
Credit Suisse was rocked by a highly damaging spygate case earlier this year involving the surveillance of former wealth management boss Iqbal Khan. Earlier this week the NZZ newspaper pointed to a further surveillance claim, which CS said it would investigate both internally and independently.
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Paper reports new surveillance case involving Credit Suisse executive
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A senior Credit Suisse human resources executive was tailed by private investigators in February, the NZZ newspaper reported on Tuesday.
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The bank doubled profits for the period to CHF881 million ($886 million) compared to Q3 2018. Its International Wealth Management division, which used to be run by Iqbal Khan who was at the centre of the spygate row, saw pre-tax income rise 43% to CHF539 million. Wealth management returns were, however, boosted by the recent…
Credit Suisse to charge wealthy clients negative interest rates
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From November 15, corporate clients will be charged -0.85% interest on cash holdings above CHF10 million ($10 million), Credit Suisse confirmed on Friday. Individuals will face -0.75% rates on savings accounts above CHF2 million, starting from January 1, 2020. “In line with the approach that has long been followed by other banks, Credit Suisse is…
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What should have been a mere embarrassment for Switzerland’s second-largest bank has ended up as something far more significant.
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