The PUK report reveals that Credit Suisse faced imminent insolvency, prompting urgent discussions among top officials about nationalization or a merger with UBS. Ultimately, a takeover was agreed upon, with UBS paying CHF 3 billion, while the Swiss government prepared for potential state intervention. The report highlights significant miscommunication and differing opinions among financial authorities regarding the bank's rescue options.
The Migros Pension Fund is set to increase pensions by 4.5% and provide a CHF 2,000 bonus to pensioners in 2025, thanks to a strong coverage ratio of 136%. Active members will benefit from a 7.5% interest on retirement assets, significantly above the minimum required rate. Despite ongoing restructuring at Migros, the pension fund remains a key factor in employee satisfaction.
Ralph Hamers, the former CEO of UBS, will not face prosecution for aiding money laundering, as the Dutch public prosecutor's office found insufficient evidence against him. This decision follows a lengthy investigation that began in late 2020, linked to his previous role at ING, which was fined for inadequate anti-money laundering measures. Despite the prosecutor's conclusion, there remains a possibility that a court could still bring charges against him.
Heinz Huber's resignation as Raiffeisen CEO presents an opportunity for the bank to expand its corporate client business, which has been limited under his leadership. The new CEO should come from the corporate sector and aim to fill the gap left by Credit Suisse's exit, particularly in the middle market segment. Internal candidate Roger Reist is seen as a strong contender, but the board may also consider external candidates, despite potential concerns about their backgrounds.
Heinz Huber, CEO of Raiffeisen Switzerland since January 2019, will step down at the end of the year to become Chairman of the Board of Directors at Graubündner Kantonalbank in July 2025, succeeding Peter Fanconi. Huber's tenure saw significant growth for Raiffeisen, despite recent turbulence, including the departure of COO Uwe Krakau following a failed app launch. Christian Poerschke will serve as interim CEO while a succession plan is underway.
Heinz Huber, CEO of Raiffeisen Switzerland since January 2019, will step down at the end of the year to become Chairman of the Board of Directors at Graubündner Kantonalbank in July 2025, succeeding Peter Fanconi. Huber's tenure saw significant growth for Raiffeisen, despite recent turbulence, including the departure of COO Uwe Krakau following a failed app launch. Christian Poerschke will serve as interim CEO while a succession plan is underway.
The Geneva-based private bank Mirabaud has faced significant upheaval, including the resignation of Yves Mirabaud from the Board of Directors amid a money laundering scandal linked to a deceased client, Robert Brockman. The bank has also discontinued its equity research and reshuffled its leadership, with Guillemot taking over as Chairman. Following sanctions from FINMA for serious violations of financial market law, Mirabaud is working to strengthen its governance and compliance measures.
Stefan Bollinger bids a bittersweet farewell to Goldman Sachs after two decades, preparing to take the helm as Group CEO at Julius Baer on January 9. He reflects on valuable lessons learned, emphasizing the importance of continuous learning and stepping out of comfort zones. Anticipation for his leadership is evident, with Julius Baer shares rising 25% this year, recovering from a previous scandal that had significantly impacted their value.
Arthur Rutishauser, editor-in-chief of SonntagsZeitung, is set to release "Game Over - the Fall of Credit Suisse," a detailed account of the bank's collapse, highlighting failures and scandals. The 352-page book will be accompanied by a film, both launching in March 2025, coinciding with the findings of the parliamentary commission of inquiry. This marks the third book on Credit Suisse's decline, following works by Dirk Schütz and Duncan Mavin.
Arthur Rutishauser, editor-in-chief of SonntagsZeitung, is set to release "Game Over - the Fall of Credit Suisse," a detailed account of the bank's collapse, highlighting failures and scandals. The 352-page book will coincide with a film adaptation, both launching in March 2025. This marks the third publication on Credit Suisse's decline, following works by Dirk Schütz and Duncan Mavin.
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