Credit Suisse Fined $9 Million by U.S. Regulator Over Research Report Conflicts

A Credit Suisse logo in the window of a Credit Suisse Group AG bank branch in Zurich, Switzerland, on Thursday, April 8, 2021. Credit Suisse Chief Executive Officer Thomas Gottstein gathered dozens of managing directors at the global bank on a conference call late Tuesday, as part of crisis-management efforts after the lender announced that it stands to lose as much as $4.7 billion amid the meltdown of hedge fund Archegos Capital Management. , Bloomberg

Jesse Westbrook, Bloomberg News

Jan 20, 2022

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(Bloomberg) -- Credit Suisse Group AG will pay $9 million to settle a U.S. regulator’s allegations that it failed to disclose conflicts in thousands of research reports and mishandled customer reserves. 

From 2006 through 2017, Credit Suisse issued more than 20,000 reports that contained inaccurate disclosures about potential conflicts, the Financial Industry Regulatory Authority said in a Thursday statement. The bank also failed to maintain possession of billions of dollars of excess margin securities it carried for clients, the brokerage regulator said. 

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