The Swiss Financial Market Supervisory Authority FINMA says it will have an independent auditor investigate Swiss bank Credit Suisse “in the context of observation activities”.
“FINMA’s ongoing investigations of this matter will now be stepped up with the help of an independent auditor. This investigator will clarify the relevant corporate governance questions, particularly in relation to the observation activities, the handling of information in this context and the use of electronic communications.”
FINMA said that it would provide further information once its investigation had been concluded and that the probe could take several months.
Credit Suisse was rocked by a highly damaging spygate case earlier this year involving the surveillance of former wealth management boss Iqbal Khan. Earlier this week the NZZ newspaper pointed to a further surveillance claim, which CS said it would investigate both internally and independently.
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The bank doubled profits for the period to CHF881 million ($886 million) compared to Q3 2018. Its International Wealth Management division, which used to be run by Iqbal Khan who was at the centre of the spygate row, saw pre-tax income rise 43% to CHF539 million. Wealth management returns were, however, boosted by the recent…
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What should have been a mere embarrassment for Switzerland’s second-largest bank has ended up as something far more significant.
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