Investigation into collapse of Credit Suisse beset by delays

In March 2023, Credit Suisse collapsed. An uncontrolled bankruptcy could only be prevented by big government aid and an emergency merger with competitor UBS. Switzerland is now waiting for a parliamentary inquiry report to reveal who was at fault as the bank disintegrated. For some, Credit Suisse’s management and ex-chairman Axel Lehmann is solely to blame for the collapse. For others, Switzerland’s Financial Market Supervisory Authority (FINMA), led by Marlene Amstad, failed in its oversight task. For others again, former Finance Minister Ueli Maurer should have intervened earlier. Who is to blame for the demise of Credit Suisse? The suspects. Meanwhile, hardly anyone criticises the Swiss National Bank (SNB) President Thomas Jordan, despite the fact that he is responsible for financial stability in the country. In March 2023, the SNB granted the ailing Credit Suisse a credit line of up to CHF250 billion ($285 billion) to protect it from uncontrolled collapse. Inquiry report ...