The Swiss Socialist Party (SP) is calling for urgent reforms to address the risks posed by the newly formed mega-bank resulting from the takeover of Credit Suisse by UBS.

Concerns about Collusion and Risk

The SP argues that the collusion between the financial industry and bourgeois political parties has created a precarious situation, putting taxpayers at risk.

Action Plan for Reform

The SP's action plan includes:

• Higher capital requirements for UBS to enhance its resilience
• A ban on bonuses for executives at systemically important banks
• Stricter regulations under the Too Big to Fail framework

Overhaul of Regulatory Framework

The SP also raises concerns about the influence of financial institutions on political decision-making and calls for a comprehensive overhaul of the regulatory framework governing UBS and other systemically important banks.

Restoring Public Trust

The goal is to restore public trust in the financial system and prioritize the interests of taxpayers over those of the banking elite.