Credit Suisse chairman’s comments under review by Swiss financial regulator

Swiss financial regulator, Finma, is investigating Credit Suisse Group Chairman, Axel Lehmann’s comments about outflows from the bank stabilizing in early December. Two anonymous sources familiar with the matter told Reuters that Finma is attempting to determine how much Lehmann and other representatives of the bank knew about clients still withdrawing funds when Lehmann stated in media interviews that outflows had stopped. Lehmann’s statement in a Financial Times interview on Dec. 1 that outflows had “completely flattened out” and “partially reversed” and in a Bloomberg Television interview the following day that outflows had “basically stopped” may have been potentially misleading, and Finma is reviewing the matter. The regulator is investigating whether Lehmann’s statements were based on incorrect briefings, and Credit Suisse declined to comment on the matter. On Feb. 9, Credit Suisse reported that clients withdrew 110.5 billion Swiss francs ($119.65 billion) from the bank in the last three months of 2022, exceeding market expectations and leading to a stock price drop of 15%. The scrutiny by Finma poses further challenges for Credit Suisse, which has faced numerous scandals in recent years and has undergone significant restructuring to focus on wealth management.