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Bloomberg
Swiss lawmakers will debate whether banking regulations should be tightened when a parliamentary committee sits to discuss the losses suffered by lenders in the collapse of Archegos Capital Management LP, SonntagsZeitung reported.
The conduct of Credit Suisse AG, the biggest loser to emerge from the blowup of Archegos, will be among the topics at the meetings, the newspaper reported. Lawmakers have to weigh possible tighter rules for risk management, provision of capital buffers and remuneration policies, Prisca Birrer-Heimo, a councillor with Social Democratic Party, told SZ.
Archegos’ implosion cost Credit Suisse $5.5 billion and forced it to raise about $2 billion of fresh capital to shore up its balance sheet. Its larger Swiss rival, UBS Group AG, also disclosed an $861 million hit from the collapse of Archegos and vowed to improve risk management.