Credit Suisse’s Downfall: Findings from the Federal Audit Committee
The Federal Audit Committee (PUK) concluded that Credit Suisse (CS) is primarily responsible for its own collapse due to excessive risks, numerous scandals, and resistance to necessary regulatory measures. The report criticized the Swiss Financial Market Supervisory Authority (Finma) for its leniency, particularly regarding capital requirements. It noted that between 2010 and 2022, CS’s management bonuses totaled CHF 39.8 billion while the bank suffered losses of CHF 33.7 billion. The findings highlight deficiencies in regulatory frameworks and propose improvements for crisis prevention and management.