Credit Suisse Breached Law in Greensill Lapses, Regulator Says

Swiss regulator Finma didn’t impose any profit penalties but said the bank failed to meet its duties as an asset manager

Credit Suisse said it had made a raft of improvements following its own review of its dealings with Greensill.Photo: ARND WIEGMANN/REUTERS

Credit Suisse Group AG failed in its duties as an asset manager and violated Swiss supervisory law in its operation of $10 billion in investment funds with now-bankrupt financing partner Greensill Capital Management

Switzerland’s financial regulator, Finma, outlined a range of measures the bank must take to improve governance and comply with Swiss rules. It said it opened enforcement proceedings against four former Credit Suisse managers.

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