Switzerland's financial watchdog sees no sufficient grounds to pursue proceedings against the chairman of the Credit Suisse bank over controversial statements about outflows of client money.
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L’autorità di vigilanza chiede di indagare sul presidente del Credit Suisse
The Financial Market Supervisory Authority (FINMA) said it had clarified that statements by Axel Lehmann in December were not in violation of the law, according to a press release External linkon Friday.
However, FINMA said it told Credit Suisse to improve its communications. It didn’t provide any further details about the investigations or its supervisory activities.
Lehmann had told the Financial Times newspaper at a banking conference and the news agency Bloomberg that the billion-dollar outflows recorded in October had “levelled off” or “essentially stopped” by the beginning of December.
However, as the figures for the entire fourth quarter of the Credit Suisse group published last month showed, this was not the case.
The annual figures for 2022 published at the beginning of February then showed that CS had outflows of just under CHF111 billion ($119.9 billion) in the entire fourth quarter, around CHF25 billion more than at the time of Lehmann’s statements.
Lehmann’s statements and the subsequently published business figures led first to sharply rising and then sharply falling prices for CS shares.
The incident was the latest in series for Switzerland’s second largest bank.
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Credit Suisse is “definitely stable”, according to Chairman Axel Lehmann. He said the bank had seen a stabilisation in client outflows.
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