ZURICH (dpa-AFX) - Credit Suisse (CS) said the Swiss Financial Market Supervisory Authority FINMA has opened enforcement proceedings against the company after the bank suffered significant losses in connection with a US hedge fund, Archegos. Also, FINMA opened proceedings against Credit Suisse in the context of the 'Greensill' case and the corresponding supply chain finance funds.
Credit Suisse stated that, as a result of the cases, FINMA has ordered various short-term measures to be put in place. These include organisational and risk-reducing measures and capital surcharges as well as reductions in or suspensions of variable remuneration components.
Copyright RTT News/dpa-AFX