Credit Suisse investigation into Archegos scandal reveals multiple failings but no illegal conduct
"The investigation found a failure to effectively manage risk in the Investment Bank's Prime Services business by both the first and second lines of defense as well as a lack of risk escalation," Credit Suisse said as it published the report of the independent external investigation.
Nonetheless, the investigation concluded that there had not been "fraudulent or illegal conduct" nor ill intent from its side and its employees. António Horta-Osório, chairman of Credit Suisse, said Thursday: "While the bank has already taken a series of decisive actions to strengthen the risk framework, we are determined to learn all the right lessons and further enhance our control functions."The outcome of the investigation was published at the same time as the Swiss lender reported its second-quarter results.
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