Switzerland's FINMA Reportedly Probes Ex-Credit Suisse CEO Over Greensill

Editorial Staff

4 July 2023

supply-chain financing affair.

Gottstein is among the Credit Suisse officials under investigation, the German-language newspaper said on Sunday, citing unnamed sources.

Bloomberg, which carried a version of the report, said that the spokespersons for FINMA and UBS, which has taken over Credit Suisse, both declined to comment. Gottstein also declined to comment, the publication said.

The collapse of Greensill, and the losses Credit Suisse sustained (other banks were also affected, but less severely) were among a string of missteps and scandals at Switzerland’s second-largest lender, leading up to the dramatic fall in its share prices and exodus of client funds. In turn, this led to the UBS takeover at the behest of the Swiss federal government.

After the Greensill collapse, Credit Suisse commissioned an external investigation carried out by Deloitte and Swiss law firm Walder Wyss into the failings of the Greensill funds.

Separately, a report by the Swiss newspaper Schweiz am Wochenende said that UBS is not considering an IPO of the Swiss domestic unit of Credit Suisse.