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The Federal Council has reaffirmed its rejection of a state guarantee for UBS, citing risks of competition distortion and the need for higher capital requirements. The PUK report highlights the unresolved issue of taxpayer protection and calls for stronger regulatory measures, including potential nationalization options for large banks. As Switzerland grapples with the implications of the Credit Suisse crisis, the future of banking regulation remains uncertain.
The Parliamentary Commission of Inquiry into Credit Suisse has concluded that senior management failed in their duties, prompting recommendations for stricter regulations on banks, including UBS. While UBS has adopted a more conservative approach post-takeover, concerns remain about potential future risks and the implicit state guarantees that could encourage reckless behavior. The effectiveness of new regulatory tools and the responsibility of systemically important banks towards the Swiss economy are critical for preventing future crises.
In 2024, Swiss companies significantly increased their bond market activity, issuing 16.5 billion francs, a 40% rise from the previous year, likely due to the exit of Credit Suisse from the corporate client sector. Meanwhile, the foreign segment saw a decline, with only 20.6 billion francs issued, reflecting reduced foreign bank involvement and higher currency hedging costs. The total outstanding bond stock rose to 633 billion francs, with domestic borrowers dominating the market.
In 2024, Swiss borrowers, particularly companies, significantly increased their bond market activity, issuing CHF 74.6 billion by November, a 40% rise from the previous year. The departure of Credit Suisse has seemingly shifted dynamics, with domestic issuances thriving while foreign participation dwindled, reflecting broader trends in the Swiss capital market. The total outstanding bond stock rose to CHF 633 billion, with expectations for robust refinancing in 2025.
In 2024, Swiss borrowers, particularly companies, significantly increased their bond market activity, issuing CHF 74.6 billion by November, a 40% rise from the previous year. The departure of Credit Suisse has seemingly prompted domestic firms to seek refinancing, while foreign issuance declined, reflecting a shift in market dynamics. The total outstanding bond stock rose to CHF 633 billion, with domestic bonds growing by 5.2% and foreign bonds shrinking by 3.4%.
Kristine Schulze has been elected to the Bank Council of Zürcher Kantonalbank, replacing Henrich Kisker, who is stepping down due to age-related term limits. A sustainability specialist with over 30 years in the financial sector, Schulze's experience is seen as a valuable addition to the council.
Zürcher Kantonalbank (ZKB) is set to launch Switzerland's first endowment fund for charitable organizations in January 2025, allowing smaller foundations to invest alongside larger ones through a diversified portfolio. The fund emphasizes sustainability, excluding certain investments like US government bonds due to ethical concerns, while aiming for regular returns. With over CHF 150 billion in assets from charitable foundations, ZKB's initiative seeks to modernize investment strategies in a challenging financial landscape.
Patrick O. Müller has been unanimously elected as the new Chairman of the Zurich Banking Association, succeeding Daniel Hunziker. Müller, a 46-year-old Regional Director at UBS with 18 years of experience, aims to represent the financial sector in Zurich with commitment and responsibility. Hunziker, who led the Association from 2019 to 2024, will be honored for his contributions at the 2024 General Meeting.
In a competitive internal battle at Zürcher Kantonalbank, Judith Albrecht emerged victorious over Alona Müller for a key position in the Lake Zurich market area. Albrecht, who has a decade of experience at ZKB and previously led financial advisory services, was favored by her superior, Florence Schnydrig Moser. Meanwhile, Müller has been appointed as the new chairwoman of Raiffeisen Thalwil, where she aims to develop sustainable and innovative banking solutions.
Claude Maurer has been appointed as the new Chief Economist of BAK Economics, returning to the institute after nearly two decades at Credit Suisse. A former professional athlete who represented Switzerland in sailing at the 2000 Olympics, Maurer aims to leverage new technologies for economic research, emphasizing BAK's unique blend of knowledge, data, and technology.
Zürcher Kantonalbank
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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