Posts Tagged ‘credit suisse’
The Swiss Angle in 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…
Read More‘Master of Kickbacks’ and 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…
Read MoreCredit Suisse Reorgs Risk, Compliance
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…
Read MoreCompliance Lessons: Credit Suisse vs. Wells Fargo
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…
Read MoreAbusing Performance Metrics: Credit Suisse Edition
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…
Read MoreWhy Compliance Matters: Credit Suisse Edition
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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