GENEVA (AP) — Switzerland’s financial markets authority says it is looking into possible penalties against Credit Suisse after the top-drawer bank announced “significant losses” linked to a U.S.-based hedge fund. The authority, FINMA, said it will require “various risk-reducing measures” and investigate “possible shortcomings in risk management” at Credit Suisse. Two weeks ago, the bank announced it was taking a 4.4 billion Swiss franc ($4.7 billion) charge linked to a default on margin calls by U.S.-based Archegos Capital. FINMA’s announcement came shortly after Credit Suisse reported a net loss of 252 million francs ($275 million) in the first quarter, largely due to the one-time charge.
