Finma is ready to impose sanctions on Credit Suisse

The Swiss banking watchdog Finma looks for options to put penalties on Credit Suisse for spying on former employees. The bank was compromised last year when it was found that a former driver had been shadowed by private investigators following his transfer to UBS. The scandal already cost CEO Tidjane Thiam his chair.

Finma launched an investigation into Credit Suisse’s practices earlier this year. It seems that there is now enough evidence to take further steps, with the supervisor focusing in particular on violation of the Supervision Act and the question of how the spying was directed and recorded.

Credit Suisse claims to have taken note of the watchdog report in a statement. The bank maintains that the observation of employees is not part of the corporate culture.

Swiss justice is also investigating the espionage scandal.