Parliamentary inquiry on Credit Suisse collapse blames mismanagement

Credit Suisse's years of mismanagement were at the root of its downfall in March 2023, the parliamentary commission of inquiry concluded on Friday. The federal authorities were not at fault, but accumulated shortcomings at all levels. The difficulties encountered by Switzerland's second-largest bank can be attributed to the Board of Directors and management of Credit Suisse (CS). They were reluctant to accept the numerous interventions of the Swiss Financial Market Supervisory Authority (FINMA). +Get the most important news from Switzerland in your inbox In its unanimously adopted report, the parliamentary commission found no wrongdoing on the part of the federal authorities. However, it believes that certain decisions took too long. In its view, it is imperative to learn the lessons from the management of the crisis. It identified improvements to be made at both the implementation and legislative levels. It has formulated twenty recommendations and tabled several interventions.