Credit Suisse seriously breached its supervisory obligations in its dealings with the financier Lex Greensill
, whose $10 billion of funds distributed by the Swiss bank were frozen in 2021, the Swiss regulator said Tuesday after a two-year investigation.
Greensill, who was backed by the Japanese investment giant Softbank 9984 , had some blue-chip counterparties such as Ford and AstraZeneca, but also riskier clients, such as the steel magnate Sanjeev Gupta, a former Greensill Capital shareholder. Credit Suisse now is being ordered to prospectively assess its 500 most significant business relationships, and the areas of responsibility of the bank’s 600 highest managers must be recorded. The regulator also opened four enforcement proceedings against former Credit Suisse managers it didn’t name. Finma does not have the authority to issue fines.
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