At what point was it clear that Credit Suisse (CS) could no longer be saved? This question is of significant importance, not only politically but especially from a legal standpoint. The central issue is whether the bank's top executives misled the public and the regulators in the final stages.

According to the «SonntagsZeitung»,  Finma has launched a secret investigation, summoning the last two top executives: CEO Ulrich Körner and Chairman Axel Lehmann.

Supplementing the Work of the PUK

The investigation is focused on the final 15 months of Credit Suisse, from January 1, 2022, to March 19, 2023, when UBS took over the bank in an emergency weekend deal.

This inquiry runs parallel to the investigation by the Parliamentary Investigation Commission (PUK). While the PUK can look into interactions between the bank and government authorities, it lacks the legal authority to investigate the bank's internal affairs.

Finma, on the other hand, has the authority to conduct a more through review of internal operations and can delegate these tasks to law firms. In this case, the firm Wenger Plattner has been tasked with conducting the investigation, according to the «SonntagsZeitung».

Examining Leadership and Capital Management

Finma’s secret investigation is examining not only at the liquidity situation but also at broader management issues, including how Credit Suisse handled its capital.

The investigation is ongoing. In addition to questioning the two former leaders, nearly a dozen current or former employees of UBS and Credit Suisse have reportedly been interviewed so far.