{
}
The Swiss Financial Market Supervisory Authority (FINMA) faces criticism for its handling of the Credit Suisse (CS) crisis, with a parliamentary inquiry revealing that CS management largely bears the blame for its risky strategies and scandals. Politicians are calling for increased regulation and capital requirements for UBS, which has taken over CS, amid concerns that the bank's high executive salaries and bonuses could lead to similar failures. The debate highlights the tension between maintaining a competitive banking environment and ensuring adequate oversight to prevent future crises.
In a recent debate, politicians discussed the need for increased regulation of major banks following the Credit Suisse crisis. SP Co-President Cédric Wermuth advocated for a salary cap of CHF 5 million for bank executives, arguing that state support justifies government intervention. However, UBS's Markus Ronner and SVP's Thomas Matter opposed the cap, emphasizing the importance of maintaining competitiveness and shareholder rights in the banking sector.
Markus Ronner, UBS's Group Chief Compliance and Governance Officer, is set to make a rare television appearance on Swiss Arena, facing left-wing critics including Cédric Wermuth and Franziska Ryser. Known for his calm demeanor and extensive knowledge of banking regulations, Ronner's participation marks a significant moment, as top bank executives have largely avoided public scrutiny since the financial crisis. His background in compliance and governance positions him well to address the challenges posed by critics.
The National Council has rejected a proposal to ban bank donations to political parties, a move criticized by the Socialist Party (PS) as indicative of the influence banks wield over politics. Despite the PS's efforts to highlight the issue following the Credit Suisse crisis, the debate was brief and largely dismissed by the bourgeois camp, which holds a majority. All Swiss parties, including the PS, have received funding from systemic banks, with the SVP and PLR receiving the most significant amounts.
The National Council has voted against a motion to ban political donations from public and systemically important companies, allowing UBS to continue its contributions. Cédric Wermuth criticized corporate influence on politics, while proposals for regulation have since diminished. A similar motion will be reviewed by the Council of States.
The Socialist Party's push to ban donations from systemically important companies to political parties faced a setback as UBS continues its financial support for right-wing parties, contributing a total of CHF 675,000 in 2023. Cedric Wermuth, co-president of PS-Suisse, criticized these donations, arguing they prioritize corporate interests over public welfare. The Federal Council, represented by Beat Jans, opposed the motion, citing recent amendments to the Federal Law on Political Rights that require evaluation before further changes can be considered.
The Swiss National Council has rejected a motion to ban donations from public and systemically important companies to political parties, allowing UBS and other big banks to continue their contributions. Cédric Wermuth of the Socialist Party criticized corporate influence on politics, especially following the Credit Suisse crisis, while Justice Minister Beat Jans deemed the motion premature, citing ongoing analysis of new transparency rules for political financing. A similar motion will be considered by the Council of States.
The National Council has rejected a motion from the Swiss Socialist Party to freeze UBS payments to political parties, allowing the bank to continue influencing bourgeois parties, including the Greens and SVP. Critics argue this undermines democracy and hinders necessary banking regulations, as UBS's donations are tied to political support. The Council of States will soon discuss the implications of such donations on parliamentary independence.
The National Council has rejected a motion from the SP to halt UBS's financial contributions to bourgeois parties, allowing continued large donations that may influence political decisions. SP leaders argue this dependency on UBS undermines necessary banking regulations and threatens democracy, as UBS's donations are tied to favorable policy outcomes. The Council of States will soon discuss the implications of such donations from systemically important banks.
UBS will continue its political donations after the National Council rejected a motion to ban contributions from public and systemically important companies. The Socialist Party criticized corporate influence on politics, highlighting that systemically important banks donated over one million francs in 2023. Justice Minister Beat Jans deemed the motion premature, citing new transparency rules for political financing that came into effect in October 2022, with a report from the Federal Council expected by year-end.
Cédric Wermuth
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS CEO's High Salary Sparks Criticism Amid Banking Regulation Debate
Swiss Franc
CHE
USA
Cédric Wermuth
Thomas Matter
Ueli Maurer
Sergio Ermotti
Franziska Ryser
Markus Ronner
Karin Keller-Sutter
Show more
06:13 29.03.2025
debate intensifies over wage caps and regulations for swiss banks
Swiss Franc
Credit Suisse Strategic Income I
CHE
Cédric Wermuth
Thomas Matter
Franziska Ryser
Markus Ronner
Show more
03:11 29.03.2025
ubs executive marks rare television appearance to address bank critics
Credit Suisse Strategic Income I
CHE
Cédric Wermuth
Marcel Ospel
Mario Grossniklaus
Mathis Cabiallavetta
Thomas Matter
Sergio Ermotti
Franziska Ryser
Markus Ronner
Show more
07:34 27.03.2025
Swiss National Council Rejects Ban on Bank Donations to Political Parties
United States Dollar
Euro
Swiss Franc
Credit Suisse Strategic Income I
Raiffeisenfonds-Wachstum T
CHE
Jessica Jaccoud
Vincent Maitre
Baptiste Hurni
Cédric Wermuth
Cyril Aellen
Hans-Peter Portmann
Philipp Matthias Bregy
Show more
17:43 19.03.2025
big banks allowed to continue political donations after national council vote
15:15 19.03.2025
ubs donations to right-wing parties face political backlash in switzerland
14:14 19.03.2025
Swiss parliament allows big banks to continue political donations despite concerns
Swiss Franc
Credit Suisse Strategic Income I
CHE
Delphine Klopfenstein Broggini
Cédric Wermuth
Beat Jans
Albert Rösti
Show more
10:48 19.03.2025
UBS payments to political parties threaten Swiss democracy and regulation efforts
10:47 19.03.2025
UBS donations to political parties raise concerns over democratic integrity
10:46 19.03.2025
ubs continues political donations as national council rejects ban motion
Swiss Franc
Credit Suisse Strategic Income I
FinMan Gestion",
CHE
Delphine Klopfenstein Broggini
Cédric Wermuth
Beat Jans
Albert Rösti
Show more
09:56 19.03.2025
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Finance Mergers & Acquisitions
Global Financial Events
Retail and Consumer Goods
Banking Regulations
Industry Mergers & Acquisitions
CEO Changes
Market Analysis and Predictions
Financial Scams and Security
Startups & Entrepreneurship
Government Policies
Hedge Funds & Private Equity
Banking & Investment Regulations
Consumer Protection Regulations
Domestic Politics
Central Bank Actions
Workplace Trends
Global Trade Developments
Countries:
Companies:
JPMorgan Chase & Co.
The Goldman Sachs Group, Inc.
Tesla, Inc.
Morgan Stanley
Citigroup Inc.
Wells Fargo & Company
Bank of America Corporation
Barclays PLC
Deutsche Bank Money Market PP
Amazon.com, Inc.
Apple Inc.
Credit Suisse Strategic Income I
Google Inc.
BNP Paribas SA
NVIDIA Corporation
Microsoft Corporation
Commerzbank AG
SpaceXCoin USD
Basler Kantonalbank
U.S. Bancorp
Currencies:
United States Dollar
Euro
Swiss Franc
British Pound Sterling
Chinese Yuan
Indian Rupee
Japanese Yen
Canadian Dollar
Australian Dollar
Hong Kong Dollar
Mexican Peso
Danish Krone
New Taiwan Dollar
Turkish Lira
United Arab Emirates Dirham
Russian Ruble
Offshore Chinese Yuan
Omani Rial
Kenyan Shilling
Indonesian Rupiah
People: