The Swiss attorney general’s office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS.
Switzerland's government and financial regulators helped engineer the hastily arranged, $3.25 billion agreement that was aimed in part to help calm worries about the global financial system and will leave the country with a single huge global bank.
The attorney general's office said Monday that it wanted to “proactively fulfill its remit and its responsibility to contribute to a clean Swiss financial sector.” It said that it has set up “monitoring” that would enable it to get involved immediately if any offenses were committed that come under its auspices.
The office said the probe falls short of a formal investigation and is not a criminal inquiry. The office was responding to an emailed request Monday for comment after the Financial Times reported about the probe over the weekend. The statement made no reference to UBS.
Both banks declined to comment about the probe.
Prosecutors said they want to gain an overview of the events surrounding Credit Suisse and to “secure and evaluate the available information” to analyze and identify any relevant offenses. It stressed that it cannot anticipate the result of the “clarifications” it has set in motion and didn't identify any specific possible offense.
The takeover of Credit Suisse — which is set to host its annual shareholder meeting in a Zurich stadium Tuesday — has drawn both praise and criticism in the prosperous country of about 8.5 million people.
Before the bank marriage was orchestrated on March 19, Credit Suisse was hemorrhaging deposits, shareholders were dumping its stock and creditors were rushing to seek repayment.
The bank faced years of troubles that predated financial turmoil spurred by the collapse of two U.S. banks, ranging from losses on hedge fund bets to fines over failing to prevent money laundering by a Bulgarian drug ring and not reporting secret offshore accounts that wealthy Americans used to avoid paying taxes.
One of the world's largest renewable energy developers will be getting hundreds of wind turbines from General Electric spinoff GE Vernova as part of a record equipment order and long-term service deal.
Consider this your sign to pack your bags. Airbnb says Colorado Springs will be a top travel destination in 2024.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
