By Scott Kanowsky — Credit Suisse Group AG (SIX:CSGN) shares fell on Monday, after the Financial Times reported that the U.K.'s financial watchdog had placed the bank on a list of institutions requiring increased scrutiny.
The FT, citing a letter sent in May, reported that regulators at the Financial Conduct Authority told Credit Suisse that it was added to the list due to concerns over the lender's culture and governance following a series of recent scandals. The FCA asked the Swiss bank's top executives to detail how they plan to address worries over accountability and misconduct, according to the paper.
The FCA also wants the bank to conduct a review in the second half of 2022 of its international unit's board, risk, and audit committees, according to the FT.
In a statement to the paper, Credit Suisse said it would not comment on discussions with regulators. The FT said the FCA also declined to comment.
The report comes as a string of controversies and several profit warnings have hit Credit Suisse's share price. One of the most high-profile setbacks came in 2021, when the bank shuttered billions of dollars in funds due to its entanglements with supply chain group Greensill Capital, and lost $5.5B after the failure of the hedge fund Archegos. More recently, Credit Suisse said last week that it would likely lose money for the third straight quarter because of "challenging" market volatility.
Credit Suisse shares are down more than 40% over the past year.
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The regulator told the Swiss bank last month the step had been taken because of concern the bank had not made enough improvements to its culture, governance and risk controls, the report said. The bank's addition to the watchlist, which consists of 20 or so institutions at any one time out of the around 60,000 the FCA monitors, hints the regulator has serious concerns, the FT said, citing a person familiar with the operation of the list. Credit Suisse was fined about $475 million last year by the U.S. Securities and Exchange Commission and FCA, to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal.
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