Credit Suisse To SNB: Sorry, But We're Not Going To Listen To You

brady dougan credit suisse

Photo: Chicago Booth

On Thursday, the Swiss National Bank singled out Credit Suisse in its annual Financial Stability Report, calling for it to raise capital. It suggested that cutting dividends or issuing more capital could be two ways of accomplishing this.Evidently, this was news to Credit Suisse CEO Brady Dougan, who told SonntagsZeitung that the bank was completely surprised by the suggestions, and that it has no intention of following the SNB’s advice, according to Reuters.

“FINMA has given us directions as to how we should strengthen capital. We are fulfilling those,” Dougan said, referring to the national bank regulator. The bank’s chief executive also said that he and SNB chairman Thomas Jordan had not discussed measures to increase capital when they had lunch 10 days ago.

Shares of Credit Suisse sold off sharply in the wake of the SNB’s criticisms, but share price rebounded on Friday.

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