The Bank Staff Association is calling for the resignation of Marlene Amstad, the President of the Swiss Financial Market Supervisory Authority (Finma), in the wake of the Credit Suisse crisis. They argue that significant personnel changes are necessary to restore confidence in financial oversight.

Regulatory Failures and Calls for Investigation

The association believes that Finma and other supervisory authorities failed to act decisively in the face of Credit Suisse's deteriorating financial health. They accuse regulators of allowing the bank to operate with inadequate capital for an extended period, suggesting that earlier intervention could have mitigated the crisis. The association also criticizes the Federal Council for its role in overseeing major financial institutions and calls for a thorough investigation into their actions.

Proposed Reforms and Regulatory Instruments

In addition to personnel changes, the association proposes the introduction of new regulatory instruments to prevent future banking failures, including clear responsibilities and personal liability for top management within banks. They suggest that a separate criminal code for executives could be a viable solution.

Importance of Leadership and Regulatory Environment

As UBS prepares to integrate Credit Suisse following its acquisition, the association calls for the new leadership to uphold Swiss values and take responsibility for the financial center. They emphasize the importance of maintaining a robust regulatory environment.

Anticipated PUK Report and Potential Reforms

The upcoming PUK report is expected to shed light on the roles played by Finma, the Swiss National Bank (SNB), and the Department of Finance in the events leading to Credit Suisse's downfall. Stakeholders are eager to understand the extent of regulatory failures and the implications for future oversight. The unexpected departure of former Finma Director Urban Angehrn has raised concerns about the stability and effectiveness of leadership within Finma. The report's findings could lead to significant reforms in the regulatory framework.

Concerns about Financial System Resilience

The ongoing dialogue about accountability and regulatory reform reflects a broader concern about the resilience of the financial system.