07:20 AM EST, 12/20/2024 (MT Newswires) -- News outlets reported Friday that Swiss lawmakers blamed both regulatory authorities and managers of the former Credit Suisse for the bank's 2023 collapse, which led to a state-backed buyout by UBS (UBS).

The 569-page German-language report by the Swiss parliamentary inquiry commission (PUK) pinned most of the blame for the debacle on "years of mismanagement" by the bank's executives. Reuters reported that it also accused Swiss bureaucrats at the regulator Finma of being secretive and suspicious in responding poorly to the crisis.

"However, the PUK does not see any causal misconduct on the part of the authorities for the Credit Suisse crisis and finds that they prevented a global financial crisis," the report said, according to Reuters.

The Swiss government has said it will use the report's findings to shape future banking reforms.

UBS did not immediately reply to MT Newswires' request for comment.

UBS shares were down 1.5% in recent Friday premarket activity.