SNB’s Jordan blames Credit Suisse bosses for bank’s crash

ZURICH, July 5 (Reuters) – Credit Suisse’s collapse was caused by the bank’s management, not by Swiss financial authorities, Swiss National Bank Chairman Thomas Jordan was quoted as saying on Friday.

“It was the result of bad decisions by the bank’s management,” Jordan told newspaper Le Temps in an interview. “The Swiss authorities were well prepared, and we took the necessary measures to avoid a global financial crisis.”

The state-brokered takeover of Credit Suisse by UBS (UBSG.S), opens new tab last year was the best option available, said Jordan, who argued there were limits to how far the SNB could have intervened.