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[ad_1] ZURICH: Credit Suisse Group AG Chairman Axel Lehmann apologized to shareholders for failing to stem a loss of trust in the bank that he said had built up well before he took over. “We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts,” Lehmann said in remarks prepared for the bank’s annual shareholder meeting in Zurich. In the end, “the bank could not be saved.” The public mea culpa comes as shareholders confront leadership over the historic takeover by larger rival UBS Group AG that marks the end of Credit Suisse after 167 years. The 3 billion-franc ($3.3 billion) deal was sealed last month to put an end to a crisis of confidence after years or scandals, losses and failures in risk management. Fragile investor sentiment around banking was further hurt by the failure of Silicon Valley Bank. The deal was agreed without the approval of either Credit Suisse or UBS’s shareholders, underscoring the urgency for the Swiss governme

[ad_1] During the 2008 financial crisis, so-called too-big-to-fail banks were deemed too large and too intertwined with the U.S. economy for the government to allow them to collapse despite their role in causing the subprime loan crash. Yet 15 years later, the forced sale of 166-year-old Credit Suisse — one of 30 banks around the world designated by regulators as "globally significant," as well as the startling failure of regional lender Silicon Valley Bank (SVB) — are rekindling concerns about the risk of financial institutions defined as too big to fail.  One thing that's changed in the intervening years since the housing bust: The nation's largest banks have only grown larger. JPMorgan Chase now has $2.6 billion in assets, a 16% increase from 2008, while Bank of America's assets have jumped 69% to $3.1 trillion. At the same time, lawmakers in 2018 weakened the post-crisis regulations enacted in what came to be known as Dodd-Frank, a sweeping law pa

[ad_1] ZURICH : A parliamentary investigation into the collapse of Credit Suisse will keep its files closed for 50 years, according to a parliamentary committee document, a level of secrecy that has triggered concern among Swiss historians. The document means the investigating commission would hand over its files to the Swiss Federal Archives after a longer gap than the usual 30 years to ensure high levels of confidentiality apply to the investigation, which has generated huge public interest. The investigation will focus on the activities of the Swiss government, financial regulator and central bank in the run up to the emergency takeover of Credit Suisse by UBS in March. The investigation is only the fifth of its kind in the country's modern history and the committee of lawmakers conducting it has sweeping powers to call on the Swiss cabinet, finance ministry and other state bodies. "After the completion of the investigation, the files shall be handed over to the Fede