Japan's Financial Services Agency has warned the asset management division of Credit Suisse to improve its administrative processes after it found a number of incomplete order slips, according to a report by AFX News.
According to the report, the Japanese regulator has told the company to improve its internal controls, find out what caused the incomplete order slips, and to take action to make sure the problem is not repeated in the future.
In other news about Credit Suisse, the bank’s investment bankers have been told to reduce spending on items that are considered unnecessary. Staff parties have been reduced, and color photocopying is to be limited to client presentations, according to a report in the Financial Times.
Credit Suisse is currently the second biggest Swiss bank behind UBS AG.