Finma is conducting enforcement proceedings against three Credit Suisse managers in the Greensill case. Among them is former CEO Thomas Gottstein, according to media reports.
When Thomas Gottstein took over from Tidjane Thiam in February 2020, the machinations were already underway, culminating in the Greensill scandal a year later and resulting in a huge loss for Credit Suisse.
The Swiss Financial Supervisory Authority (Finma) published a scathing report in February on the matter and said the bank seriously breached its supervisory duties and failed to adequately record risks over a number of years.
Enforcement Proceedings
The statement said four unnamed people were under further investigation. Finma is also said to be conducting enforcement proceedings against ex-CEO Thomas Gottstein, as reported by «Blick» and «Tippinpoint» (both in German), citing sources. In addition, two other managers who have not been named are under investigation.
Enforcement proceedings can result in severe penalties, with individuals being banned from the profession and banks having their licenses revoked.
According to the reports, Iqbal Khan, then head of Credit Suisse's international asset management, is not in Finma's sights. Today, as head of global wealth management at UBS, Kahn is one of its highest-ranking managers.
