Credit Suisse Scolded by Finma for Rewarding Rogue Banker

The Swiss regulator criticized Credit Suisse for inadequate oversight of wealth manager Patrice Lescaut, who was jailed for misconduct. The bank was accused of rewarding him despite questionable profit sources. Credit Suisse faces broader compliance issues, including past problems with FIFA and Petrobras. The regulator demands improved compliance measures.

What was the main reason the Swiss regulator criticized Credit Suisse?

• For not regulating Patrice Lescaut properly

• For not expanding their business

• For not hiring enough staff

• For not paying taxes

What did Credit Suisse need to improve according to the regulator?

• Their marketing strategies

• Their investment portfolio

• Their customer service

• Their compliance measures

Why is it important for banks to understand the source of profits during high-profit periods?

• To increase their market share

• To attract more investors

• To ensure the legitimacy of trades

• To reduce operational costs

Which past issues were mentioned as part of Credit Suisse's compliance problems?

• Issues with FIFA and Petrobras

• Issues with the World Bank

• Issues with the United Nations

• Issues with the European Union

What did the Swiss regulator emphasize for Credit Suisse?

• To enhance their regulatory practices

• To increase their advertising budget

• To expand into new markets

• To hire more executives