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Sergio Ermotti has been named "European Banker of the Year" for 2023, recognizing his leadership during the integration of Credit Suisse into UBS. He views this merger as a potential model for future consolidations in the banking sector, despite facing criticism over his substantial salary.
A new non-partisan initiative aims to enshrine an ecological and sustainable orientation for the Swiss financial center in the constitution, targeting major banks like UBS for their fossil fuel investments. The initiative proposes restrictions on financing new fossil energy projects and calls for a supervisory authority, dubbed "eco-finma," to ensure compliance and prevent greenwashing. With the recent collapse of Credit Suisse, proponents see this as an opportune moment for reform in banking regulation.
The Swiss financial regulator, Finma, plans to enhance market supervision in response to the Credit Suisse crisis. As part of its strategic goals for 2025 to 2028, Finma aims to prepare supervised institutions for potential crises and incorporate lessons learned from the recent events surrounding Credit Suisse.
Crédit Agricole and Credit Suisse have lost their appeal against a multi-million euro fine imposed by the EU for participating in a bond market cartel. The Court of Justice of the European Union upheld fines of €3.9 million and €11.9 million, respectively, for colluding on trading strategies and price coordination over five years. Crédit Agricole stated it is considering further appeals but noted that the fine has already been paid, thus not affecting future results.
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sergio ermotti named european banker of the year amid cs takeover success
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06:43 25.11.2024
Swiss initiative targets banks to end fossil fuel financing
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06:19 25.11.2024
Finma to Strengthen Market Supervision After Credit Suisse Crisis Insights
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crédit agricole and credit suisse lose appeal in bond cartel case
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13:51 06.11.2024
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