The Swiss government should “carefully” investigate what went wrong at Bank Group Credit Suisse in order to learn lessons from the bank’s collapse, the International Monetary Fund (IMF) reports. According to the IMF, authorities responded with “decisive actions” in the first intervention since the financial crisis in 2008 to maintain a globally systemically important bank. Still, IMF officials would like to know more about the state of affairs. This includes Credit Suisse’s management’s approach to “long-term deficiencies” in risk management. “We look forward to a careful assessment and analysis of this case and the lessons learned, both for Switzerland and internationally,” the Washington-based organization said in a statement. The Swiss government in Bern had decided not to dismantle Credit Suisse, but instead brokered an emergency takeover by larger rival UBS. By favoring equity investors over the holders of certain Credit Suisse bonds, the outcome caused major turmoil in the financial markets.
