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© Reuters. FILEPHOTO: This logo can be seen on Credit Suisse’s Geneva bank, Switzerland. June 9, 2022. REUTERS/Denis Balibouse/File photo

(Reuters) – The UK’s Financial Conduct Authority placed Credit Suisse on a watchlist for institutions that need stricter supervision. This was reported by the Financial Times late Sunday. It cited a May letter.

According to the report, last month, regulators informed the Swiss bank that the move was necessary because they were concerned about the bank’s culture, governance, and risk control.

Credit Suisse’s top executives were asked by the FCA for evidence on the actions they planned to take to reduce misconduct and increase accountability.

The FCA could not be reached immediately for comment by Reuters.

Credit Suisse did not respond to the report. They stated that they do not comment on their discussions with regulators and would find it inappropriate to.

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