This is another blow for Credit Suisse. La Finma contacted the banking establishment following the statements of the chairman of the board of directors Axel Lehmann on the outflow of money from customers.
The authority wants to clarify the state of knowledge of Axel Lehmann when he declared, at the beginning of December, that the outflows of capital were under control, stabilized and that they had stopped, indicated to the press agency Archyde.com two sources familiar with the matter.
>> Read also:
Credit Suisse claims to lose only a very small number of customers
Very large cash outflows
In August, after getting bogged down in various affairs, the bank took on new management. This change leads to a new strategy, with a reduction in employment and its investment bank. But some clients are scared and Credit Suisse is facing a big flight of capital.
Some 110.5 billion Swiss francs net were withdrawn in the fourth quarter of 2022. Very large outflows of funds and capable of threatening a banking establishment by placing it in a situation of lack of liquidity.
Lie or bad information?
In December, the action of Credit Suisse is at its lowest, but Axel Lehmann speaks in several media. He wants to be reassuring and affirms that the flight of capital has stopped. Immediately, the action resumed 10%.
But figures from Credit Suisse’s annual balance sheet say otherwise. In December, the hemorrhage was far from over: after Axel Lehnman’s declarations, 15 billion francs of capital were still withdrawn.
Today, FINMA is wondering about the president’s intentions and his precise knowledge of this information.
A new image damage
The risks incurred by the bank are high: they could cause further image damage. “FINMA cannot impose a fine, because it is not a criminal offence, but it can give a reprimand”, explained Wednesday in the 7:30 p.m. of the RTS Peter V. Kunz, executive director of the Institute of economic law UNIE BE.
Contacted by RTS, FINMA and Credit Suisse both declined to comment on the case.
>> Read also:
Credit Suisse shares plunge to historic low
TV Subject: Delphine Gianora
Adaptation web: Archyde.com/miro