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The documentary "Game Over: Del Fall der Credit Suisse" explores the banking giant's decline, tracing its history from a 1977 embezzlement case to its acquisition by UBS in 2023. It highlights a culture of greed and risky decisions among top executives, who received substantial bonuses despite significant losses. The film serves as a call to action for Swiss Parliament members to address accountability in the banking sector.
On March 19, 2023, UBS executed a rapid takeover of the struggling Credit Suisse, marking a significant moment in Swiss banking history. In a podcast, economics head Florence Vuichard discusses the lessons learned from the Credit Suisse crisis and the implications for UBS moving forward.
Credit Suisse's claims of financial solidity were undermined by a regulatory filter that obscured its true capital deficiencies, leading to a crisis that culminated in its takeover by UBS. Despite meeting legal requirements, the bank's equity was insufficient, prompting significant customer withdrawals and legal challenges over cancelled AT1 bonds. Experts call for greater transparency in banking accounts to prevent similar situations in the future.
UBS has undergone a significant transformation since the financial crisis, focusing on wealth management and reducing risk. In 2023, it made headlines by acquiring Credit Suisse, creating a financial powerhouse with over $5 trillion in assets, further solidifying its position as a leading global wealth manager. The strategic partnerships in Asia and South America highlight UBS's commitment to growth and innovation in the financial sector.
PWC is assisting Swiss Radio and Television (SRF) with cost-cutting measures, which include the reduction of 50 full-time positions. Meanwhile, tensions rise between UBS and Finance Minister Karin Keller-Sutter over capital adequacy requirements, as UBS plans a share buyback despite falling equity. Additionally, the head of the Swiss-American Chamber of Commerce advocates for Switzerland to withdraw from the OECD minimum tax to foster tax dialogue with the USA.
The PUK report reveals that big bank regulations, particularly the "too big to fail" (TBTF) legislation, failed to protect Credit Suisse, necessitating state intervention. Despite intentions to bolster resilience and protect taxpayers, exemptions allowed the bank to hide significant equity gaps, leading to a crisis that required a potential nationalization. As reforms are planned, the government must acknowledge the reality of needing to provide substantial rescue funds for systemically important banks in the future.
In March 2023, the Federal Council managed the crisis surrounding Credit Suisse's downfall through urgent communications on the encrypted messaging app Threema. As UBS prepared to take over, Finance Minister Karin Keller-Sutter emphasized the stakes for the country, urging CS's leadership to accept the deal. The use of Threema allowed for rapid coordination amid the chaos, despite guidelines restricting cell phone use in sensitive discussions.
The PUK report attributes the downfall of Credit Suisse primarily to management missteps, while highlighting the leniency of politicians and authorities towards the banking lobby. It criticizes the "too big to fail" regulation as inadequate during crises and calls for urgent reforms to prevent future failures, especially with UBS's increased risk.
The PUK report on the Credit Suisse crisis reveals extensive mismanagement within the bank, leading to its merger with UBS for CHF 3 billion, backed by significant state guarantees. The investigation criticized regulatory bodies for inadequate oversight and the Federal Council for poor communication during the crisis, while ultimately endorsing the UBS acquisition as the best option to prevent a global financial disaster. The commission issued 20 recommendations and 11 motions aimed at improving banking regulations and oversight.
A parliamentary commission report reveals that the management of Credit Suisse is primarily responsible for its downfall, with regulatory body FINMA criticized for its leniency. Finance Minister Ueli Maurer's lack of trust in his colleagues hindered effective crisis management, exacerbated by fears of information leaks, particularly following the coronavirus leaks scandal. The findings highlight the inadequacy of existing regulations to handle significant banking crises.
Alain Berset
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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