Credit Suisse 'seriously breached' obligations in Greensill case, Swiss regulator says

Credit Suisse "seriously breached its supervisory obligations" in the context of its business relationship with financier Lex Greensill and his companies, Swiss regulator FINMA concluded Tuesday.

The embattled Swiss lender's exposure to the London-based Greensill Capital resulted in massive reimbursements to investors after the supply chain finance firm collapsed in early 2021.

The Greensill saga was a key reason behind Credit Suisse's massive overhaul of its risk management and compliance operations, alongside the collapse of Archegos Capital.

FINMA announced Tuesday that it has ordered remedial measures and opened four enforcement proceedings against former Credit Suisse managers.

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