Credit Suisse overlooked breaches of regulations for years: Report

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New Delhi, May 16 | A report by the Swiss financial regulator FINMA claims that Credit Suisse ignored over 100 warnings of potential breach of regulations.

Swissinfo quoted that the NZZ am Sonntag paper as reporting that the management of Credit Suisse had overlooked breaches of regulations for years and that bank leads the pack when it comes to the most ongoing FINMA investigations.

In recent years, FINMA has initiated five proceedings against the bank to remedy these omissions. The most recent cases concern the billions lost via the Greensill and Archegos funds. There have also been investigations into money laundering and executive espionage. A report shows that Credit Suisse ignored more than 100 red flags in total, the report said.

The SonntagsBlick paper highlighted one such red flag around the time when Urs Rohner was head of the board of directors. It concerns a client advisor who managed the funds of wealthy Eastern Europeans that earned the bank some 25 million Swiss francs a year.

According to the SonntagsBlick, he was alleged to have invested his clients’ assets in high-risk investments without their knowledge, falsified documents and lined his own pockets in the process. Despite warnings, he allegedly continued to work for the bank and was only fired in 2015 after making massive speculations.

The SonntagsZeitung paper wrote that the bank’s heavy losses also have political consequences. The Credit Suisse issue is on the agenda of the House of Representatives’ economic committee next week. The main topic for discussion will be whether and how the regulation of the big banks should be strengthened.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

On a weekly expiry day, Nifty opened on positive note and have a dip to make an intraday low at 15367.50 level but showed bounce back moment as managed to close at 15556.65 level with a gain of 143 points. Bank Nifty closed the session at 33135 level with a gain of 289.70 points. 45 Out of Nifty 50 ended in green which suggest broad based buying.

All the sectoral indices managed to close in green expect Energy while Nifty Auto was top gainer. Among Nifty Stock, MARUTI, EICHERMOT, HEROMOTOCO & M&M were the top gainers, While RELIANCE, COALINDIA, POWERGRID & GRASIM were the prima laggards. India VIX closed at 20.88 level with a loss of 1.97%. On Technical Front, The Nifty has formed bullish candle but faced resistance at 21 Four-Hourly Moving Average i.e., 15647 which suggest crossing above the same can show more upside rally.

Nifty has been trading in range of 15200-15700 level while breaching either side can suggest further direction of breakouts. Nifty has given above 50-Hourly Moving Averages which indicate it can show upside moment in the counter. On the Nifty OI Data, On the call side ,the highest OI witnessed at 16000 level while on the put side was at 15500 Niftg level followed by 15300 levels. The momentum indicators Stochastic is trading with a positive crossover on a daily chart which suggest northward journey in the Nifty.

The Nifty may find support around 15200 levels while on the upside 15700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32300 levels while resistance at 33800 levels.

Overall, Sector specific momentum has been observed, crossing above 15700 Nifty can show more upside rally.

Market entering into buy on dips pattern.

Palak Kothari
Senior Technical Analyst
Choice Broking

Source: Choice India

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The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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