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Tuesday, 14 June 2022

Tuesday, 14 June 2022
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 * Credit Suisse Put on U.K. Regulator Watchlist

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FINANCE Monday, 13 June 2022 11:16


CREDIT SUISSE PUT ON U.K. REGULATOR WATCHLIST

 * Credit Suisse's Greensill Troubles Were One Year in the Making
 * Credit Suisse Locks Down Risk-Taking Amid Reviews



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The U.K.’s financial regulator put Credit Suisse on its watchlist for tougher
supervision, according to a «Financial Times» report Monday.

The Financial Conduct Authority’s move last month to put the troubled Swiss bank
on the watchlist was on concerns Credit Suisse hadn’t moved the needle far
enough on improving its culture, governance and risk measures, according to a
«Financial Times» report (behind paywall) citing a letter sent in May.

The letter sought evidence of fresh moves to prevent misconduct, including
dealing with «persistent» cultural issues, the report said.



«Well-Advanced» Efforts

Being added to the watchlist signals serious concerns as only around 20
institutions are usually on the list, out of around 60,000 under regulation, the
report said, citing a person familiar with how the list operates.

Credit Suisse told the «Financial Times» in a statement that it doesn’t comment
on its talks with regulators, but that it was «well advanced» on its plan to
strengthen its risk culture. The bank did not immediately return finews.asia’s
emailed request for comment, which was sent outside of Swiss office hours.

Archegos-Greensill

The twin debacles surrounding the bankruptcy of Archegos and the closure of
Credit Suisse's Greensill funds, continue to haunt the bank.

Archegos Capital Management was a family office managing Bill Hwang’s personal
assets; the private investment firm collapsed amid allegations of fraud and
market manipulation. Credit Suisse lost around $5 billion in its dealings with
Archegos.

Market Disruptions

Greensill Capital and Credit Suisse ran $10 billion in supply chain finance
funds together – Greensill would make supply-chain loans to companies and then
create notes based on the loans; the notes were marketed as safe, insured
investments.

But after the collapse of Greensill amid Covid-related market disruptions,
allegations emerged of fraudulent dealings; Credit Suisse also faced allegations
of conflict of interest in its dealings with the company.

Russian Oligarchs

Foreign authorities have now launched criminal investigations into both
Greensill and Archegos, while the Swiss Financial Market Supervisory Authority
(Finma) has opened inquiries.

Purported class-action lawsuits have also been filed in the U.S. related to
Archegos-Greensill. U.S. plaintiffs have also targeted Credit Suisse management
and business relationships with Russian oligarchs.

 




MORE ON THIS TOPIC

 * Denial Doesn’t Put Credit Suisse Takeover Rumors to Bed
 * Credit Suisse Delays China Bank Launch
 * Credit Suisse Has Lost its Founding Spirit
 * Credit Suisse Gets Go Ahead to Pursue GFG Claims
 * Credit Suisse: State Street Takeover Coming Soon?


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