Credit Suisse Spying Probe Extended by Swiss Financial Regulator

The transcript discusses a scandal involving Credit Suisse, where a top banker, Iqbal Khan, left to join UBS, leading to Credit Suisse hiring private investigators to follow him. This caused a scandal, prompting the Swiss regulator FINMA to investigate. Initially, an external law firm was hired, but the case escalated to enforcement proceedings, indicating seriousness for Credit Suisse. The bank issued a statement acknowledging the regulator's actions and distancing itself from spying. FINMA's options include targeting executives or the board, but it cannot impose fines. Potential penalties include industry bans for executives.

What triggered the scandal involving Credit Suisse and Iqbal Khan?

• A financial loss reported by Credit Suisse

• Iqbal Khan's departure to UBS and subsequent surveillance

• A merger between Credit Suisse and UBS

• Iqbal Khan's promotion within Credit Suisse

What action did FINMA take in response to the Credit Suisse scandal?

• They closed the case without further action

• They escalated the investigation to an enforcement proceeding

• They merged Credit Suisse with UBS

• They imposed a heavy fine on Credit Suisse

How did Credit Suisse respond to the regulator's decision?

• They announced a merger with UBS

• They fired the executives involved

• They issued a short statement acknowledging the decision

• They denied any wrongdoing

What is one potential penalty that FINMA could impose on Credit Suisse executives?

• A temporary ban from the industry

• A heavy financial fine

• Mandatory community service

• A lifetime ban from the financial industry

What is a limitation of FINMA compared to other regulators like the SEC?

• FINMA cannot impose industry bans

• FINMA cannot issue public statements

• FINMA cannot impose fines on banks

• FINMA cannot conduct investigations