Credit Suisse: Swiss Regulator Opens Enforcement Proceedings Related to Spying Scandal
September 02 2020 - 1:55AM
Dow Jones News
By Pietro Lombardi
Credit Suisse Group AG said Wednesday that the Swiss Financial
Market Supervisory Authority, or Finma, has decided to open
enforcement proceedings related to the surveillance scandal that
has hit the reputation of the Swiss bank.
The bank said it "takes note of the decision" and "will continue
to fully cooperate with Finma."
"The board of directors and the executive board of Credit Suisse
agree and unequivocally affirm that the observation of employees is
not part of the culture of Credit Suisse," it said.
No further comments will be made until the authority presents
its findings, the bank said.
The spying scandal, stemming from the surveillance of two Credit
Suisse executives, began in September last year and led to the
resignation of Chief Executive Tidjane Thiam. Mr. Thiam said he
hadn't known about the surveillance before it became public and
regretted it had happened.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
September 02, 2020 01:40 ET (05:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Credit Suisse (NYSE:CS)
Historical Stock Chart
From Apr 2023 to Apr 2024
