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The senior manager had been director of the Geneva branch since 2009. Credit Suisse terminated his employment at the end of August 2016 at the end of November. According to the Federal Court decision published on Friday, the bank accused him of failing to supervise relations with investment company TG Investment. The company took over the bank’s administrative duties. Clients complained about losses incurred due to the asset manager’s aggressive strategy.
Credit Suisse hidden flaws
The bankruptcy of TG Investment led to a lawsuit being filed against Credit Suisse by the Swiss Financial Market Supervisory Authority (Finma). It was stated that the dismissed manager also filed a lawsuit in the Geneva court for unfair dismissal. He was proven right in court. He was awarded 50,000 francs in compensation and 8,500 francs in legal costs. The Federal Court approved this decision with its reasons.
According to the Geneva judges, allegations can be made against the manager regarding the monitoring and risk assessment of relations with TG Investment. However, these failures ended in 2012 when the employee changed duties. Moreover, Credit Suisse concealed its own responsibilities and, in particular, its organizational shortcomings. (sak/SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
