those of Switzerland Financial Market Authority (FINMA) will probe Credit Suisse Group AG CS Bank and possibly take disciplinary action against the financial services company.

FINMA will investigate how top managers ran Credit Suisse Bank before its collapse and takeover UBS Group AG UBS, reports Bloomberg.

“Credit Suisse had a cultural problem that translated into a lack of accountability,” said the FINMA President Marlene Amstad told the Sunday newspaper NZZ. “Often it was not clear who was responsible for what. This favored a negligent handling of risks.”

Asked if FINMA was considering holding current managers at Credit Suisse accountable for the collapse of Switzerland’s second-largest bank, Amstad said it was “assessing the options”.

“CS had a cultural issue that translated into a lack of accountability,” Amstad said, adding that “numerous mistakes were made over a number of years.”

Last week UBS Group UBS agreed to pay $3.25 billion in shares to acquire Credit Suisse. UBS said the merger of the two would create a company with more than $5 trillion in total invested assets and sustainable value opportunities.

also read: UBS takeover of Credit Suisse: bye bye AT1 investors, concerns among bank subordinated bondholders

The combined business is expected to generate an annual rate of cost reductions in excess of $8 billion through 2027.

UBS expects the deal to add to its earnings per share through 2027. She also said that the cap remains well above its 13% target.

After the bank’s takeover, questions were raised about FINMA’s role and whether the regulator should have prevented Credit Suisse from collapsing.

“We intervened earlier and very intensively where there had been breaches of supervisory law. But especially when we take tough action, it usually doesn’t become public,” Amstad defended himself, according to the NZZ.

“Imagine if it had become known that we were already working on the CS renovation order in November or that we…