Swiss regulator: Credit Suisse made ‘serious breach’ of law

GENEVA (AP) — Swiss regulators have found that Credit Suisse made a “serious breach” of law in connection with a now-bankrupt firm linked to Australian financier Lex Greensill. Switzerland’s financial markets authority, FINMA, said Tuesday that it has opened a probe that could lead to penalties against four former bank managers. It added that it’s concluded enforcement proceedings opened two years ago against Credit Suisse after bank partner Greensill Capital went bankrupt. At the time, Credit Suisse closed four funds linked to the partnership, in which bank clients had invested about $10 billion.