According to a report by the Swiss newspaper SonntagsZeitung published on September 9, 2024, the Swiss financial market regulator, FINMA, has begun conducting an audit regarding the management of actions taken by Credit Suisse in 2023 prior to the bank's crisis, when it was acquired by its long-time competitor UBS. The audit investigates issues such as when it became clear that Credit Suisse could no longer be saved, what the bank's liquidity looked like, and how management was generally performing.
SonntagsZeitung also reports that by the end of this year, the conclusions of the Swiss parliamentary investigative committee, which investigates the role of state institutions in the collapse of Credit Suisse, will be published.
Chronology of the Credit Suisse Crisis
- 2021: Credit Suisse’s investment funds, Archegos and Greensill Capital, experienced collapses.
- January 2022: CEO Antonio Horta-Osorio, appointed to address the crisis, resigns after 8 months.
- 2022: Credit Suisse is fined 238 million for money laundering and fraud. The Swiss Federal Criminal Court finds Credit Suisse guilty, leading to market skepticism towards the bank.
- July 2022: The new CEO, Ulrich Körner, presents a new strategy that flops and fails to attract investors.
- February 2023: Credit Suisse confirms that clients withdrew 110 billion Swiss francs. The bank suffers the largest financial loss since the 2008 financial crisis. The Saudi National Bank announces it will no longer fund Credit Suisse.
- September 2023: Credit Suisse loses 75% of its corporate value, after which the Swiss regulator permits Credit Suisse’s acquisition by UBS.
- July 2024: A parliamentary investigative committee is established in Switzerland to study the role of state institutions in the collapse of Credit Suisse.
- 2024: FINMA appoints an audit regarding the management of the crisis process by Credit Suisse in 2023.
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