UBS agreed a week ago to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in shares and take up to 5 billion francs in losses in a merger engineered by Swiss authorities amid severe global banking turmoil.
Credit Suisse declined to comment on the regulator’s comments on Sunday when asked for a response by Reuters.
Asked if FINMA is considering holding Credit Suisse’s current managers accountable for the bank’s collapse, Amstad said options are being “explored.”
“CS had a cultural problem that resulted in a lack of responsibilities,” Amstad was quoted as saying by NZZ, adding: “Many mistakes were made over several years.”
FINMA had carried out six “proceedings” against Credit Suisse in recent years, Amstad said. “We have intervened and used our most powerful instruments,” he said in this regard.