Credit Suisse

The mildly troubled investment bank Credit Suisse is consolidating its risk and compliance functions into one unit, which will be headed by the bank’s chief risk officer. Its chief compliance officer has been shifted into a new role overseeing sustainability research.  Credit Suisse announced the shakeup Thursday while reporting second-quarter 2020 financial results. The results…

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lessons

One big lesson for compliance and audit executives this year will be the risks that swirl around compensation and incentives. Wells Fargo will be Exhibit A in that discussion, and rightly so. Still, the more I look at the SEC’s enforcement action against Credit Suisse last week, where it fined the bank $90 million for…

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Credit Suisse

Don’t look now, but the Securities and Exchange Commission just expanded your scope of worry for internal performance metrics. Yesterday the SEC fined Credit Suisse $90 million for employees’ improper manipulation of two performance metrics. Was the misconduct on the same scale as what we saw at Wells Fargo? No, mostly because the victims here…

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Credit Suisse

By now you may have already heard that Credit Suisse is cutting another 2,000 jobs from its investment banking operations. That’s unfortunate news for the 2,000 bankers soon to be unemployed, but compliance officers on Wall Street have another lesson to absorb here. The real news for compliance professionals—or anyone else working in finance who…

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