Credit Suisse Tries to Overhaul Its Image, but Problems Remain
William D. Cohan
New York Times, 23 June 2016
Wall Street’s efforts to overhaul its culture since the 2008 financial crisis that nearly bankrupted the world’s economy have not been a resounding success, despite calls by prominent regulators to stop rewarding bad behavior.
William C. Dudley, the president of the Federal Reserve Bank of New York and one of Wall Street’s most important overseers, has twice held closed-door sessions at the bank, located in downtown Manhattan, to urge top banking executives to overhaul the behavior inside their companies. His goal has been to get bankers to think about what they should do instead of what they can do and get away with.
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Credit Suisse Rapped for U.S. Lapses
finews asia, 24 December 2011
Credit Suisse was hit with a $6.5 million fine for doing too little to prevent potential market manipulation by U.S. clients.
The Swiss bank was slammed by U.S. industry officials for and fined $6.5 million for failing to keep an eye on major U.S. institutional clients, Finra, or the Financial Industry Regulatory Authority, said in a statement. Credit Suisse said it is «pleased to have resolved these matters with FINRA and these exchanges,» according to a brokerage industry publication
Specifically, the Zurich-based lender granted clients – brokers and other institutional-sized clients – direct access to exchanges without proper oversight. Credit Suisse won more than $300 million in revenue from trading more than 300 billion securities – a move that sparked more than 50,000 alerts at Finra, which is a U.S. broker self-regulatory body. Continue reading “Article: Credit Suisse Rapped for U.S. Lapses”