The Swiss Angle in Credit Suisse

Credit Suisse

I want to circle back to that FCPA enforcement action against Credit Suisse a final time, because we have one more detail of this case that hasn’t yet been discussed much. We haven’t talked about the restrictions that Swiss regulators have imposed on Credit Suisse’s future business activities. To recap, last month Credit Suisse settled…

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‘Master of Kickbacks’ and Credit Suisse

Credit Suisse

Compliance professionals have another large FCPA enforcement action to pore over this week, thanks to the perpetually struggling Credit Suisse and several economic development loans for the country of Mozambique that were, quite literally, soaked in corruption.  The headline, announced on Tuesday, is that Credit Suisse will pay $475 million to regulators in the United…

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Credit Suisse and Risk Oversight Pains

Credit Suisse

Today in news that should surprise nobody: Credit Suisse is mulling whether to remove its chief risk and compliance officer, after months of the Swiss bank stumbling from one surprise scandal to another.  The executive in question, Lara Warner, has been in that combined risk and compliance role since Credit Suisse consolidated the two functions…

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Credit Suisse Reorgs Risk, Compliance

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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Compliance Lessons: Credit Suisse vs. Wells Fargo

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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Abusing Performance Metrics: Credit Suisse Edition

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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Why Compliance Matters: Credit Suisse Edition

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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Compliance Jobs Report: June 24

compliance jobs

The Compliance Jobs Report this week has a few gossipy items about Rite Aid, a new compliance boss at Tesla (good luck), and other personnel items from Rabobank, Google, Victoria’s Secret, Cooper Standard, and more. All our compliance job leads are for the Atlanta area, and Meme of the Week goes out to pushy compliance…

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Compliance Jobs Report: Dec. 23

compliance jobs

Our final Compliance Jobs Report of the year! We have news from Binance.us, Rite Aid, a few financial firms overseas, and Waud Capital, among others. We also have some work anniversaries to note, job leads in finance, construction, and cancer research; and our holiday-themed Meme of the Week! As always, thank you to all the…

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Compliance Jobs Report: Dec. 17

compliance jobs

The Compliance Jobs Report this week has several compliance officers moving into general counsel roles, plus new hires and promotions at Credit Suisse, TechData, and American Advisor Group, and more. We also have a new compliance networking group launching in Italy; jobs in banking, insurance, and digital services; and our Meme of the Week goes…

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