{
}
Karin Keller-Sutter, a prominent figure in Swiss politics, has navigated a complex career from her roots in a family-run restaurant to becoming a federal councilor. Known for her liberal ideals and strategic flexibility, she has faced criticism for her austerity measures and handling of financial crises, while also being recognized as one of the most influential women in 2023. Her journey reflects a commitment to personal responsibility and a nuanced understanding of economic policy.
State Secretary Daniela Stoffel emerged as a pivotal figure in the emergency takeover of Credit Suisse (CS) by UBS, despite initial skepticism about her capabilities. Her diplomatic skills facilitated crucial negotiations between the two banks, ultimately leading to a resolution amid a looming financial crisis. The PUK report highlights her significant role in coordinating efforts and navigating complex discussions, marking her as a "silent heroine" in this high-stakes situation.
The Parliamentary Investigation Commission (PUK) has released a report on the collapse of Credit Suisse, highlighting failures in early crisis detection and cooperation among authorities. While the intervention in March 2023 prevented a global financial crisis, the effectiveness of the Financial Market Supervisory Authority (Finma) was questioned, and former Finance Minister Ueli Maurer faced criticism for inadequate communication. The report calls for improved regulations for large banks and emphasizes the need for sufficient capital resources.
On a pivotal Friday, discussions in Bern shifted from the downfall of Credit Suisse to Switzerland's future with the EU, highlighting the SVP's central role. Former Federal Councillor Ueli Maurer's failure to communicate during the CS crisis and Magdalena Martullo-Blocher's staunch anti-EU stance complicate Switzerland's path, as the electorate remains divided on EU relations, with a referendum looming until 2027. Meanwhile, the melancholic atmosphere surrounding Federal Councillor Ignazio Cassis contrasts sharply with the rapid decline of Credit Suisse and the uncertain geopolitical climate as Donald Trump prepares for his second term.
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 December 2022, Ueli Maurer misled the public about the stability of Credit Suisse, despite knowing the bank was in crisis. Following a significant liquidity outflow, he and CS Chairman Axel Lehmann falsely assured the public of a stabilized situation, while internal discussions revealed growing concerns about the bank's viability. By late December, CS's liquidity had drastically diminished, leading to its eventual downfall just months later.
The Parliamentary Commission of Inquiry into the UBS case reveals significant failures in the handling of Credit Suisse, highlighting a lack of lessons learned from the 2008 UBS crisis. Key issues include ineffective regulatory oversight, excessive bonus payouts amid losses, and a negligent response from Swiss authorities, culminating in a questionable sale to UBS without a viable strategy for future banking crises. The report fails to provide solutions for preventing another financial disaster, leaving taxpayers vulnerable.
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.
Karin Keller-Sutter, the current Finance Minister, criticized her predecessor Ueli Maurer for a "less than optimal" handover amid the Credit Suisse crisis, which was deemed self-inflicted. She noted that there was no discussion about the handover and that she never met Maurer after taking office, despite his assurances of stability. Keller-Sutter defended her communication with the Federal Council, asserting she informed them adequately about the bank's issues shortly after her transition to the Finance Department.
Federal Councillor Karin Keller-Sutter stated that the new understanding on bilaterals III is "significantly better" than the previously rejected Framework Agreement, aiming to stabilize relations with Brussels. She also addressed accusations regarding the Federal Council's knowledge of UBS's takeover of Credit Suisse, asserting that she informed the government adequately during her transition to the Finance Department. Additionally, she noted that Switzerland's annual cohesion contribution of 350 million francs is about 100 million francs less than Norway's.
Karin Keller-Sutter
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
karin keller-sutter a journey from restaurant to finance minister
08:40 30.12.2024
silent heroine of the cs takeover daniela stoffel's pivotal role
Swiss Franc
CS. Barthoulot-Coaching SNC
CHE
Peter Minder
Karin Keller-Sutter
Colm Kelleher
Axel Lehmann
Ueli Maurer
Thomas Jordan
Daniela Stoffel
Show more
06:00 23.12.2024
parliamentary report highlights failures in crisis detection during credit suisse collapse
Credit Suisse Real Estate Fund Siat
CHE
Karin Keller-Sutter
Daniel Jositsch
Daniela Schneeberger
Thomas Matter
Isabelle Chassot
Ueli Maurer
Show more
02:52 23.12.2024
switzerland's complex relationship with the eu amid credit suisse fallout
Euro
Credit Suisse Real Estate Fund Siat
LIE
AUT
NOR
CHE
Urs Wietlisbach
Fredy Gantner
Donald Trump
Karin Keller-Sutter
Magdalena Martullo-Blocher
Pierre-Yves Maillard
Ignazio Cassis
Ueli Maurer
Show more
20:57 22.12.2024
credit suisse report reveals failures in big bank regulation and state aid necessity
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Alain Berset
Thomas Jordan
Karin Keller-Sutter
Show more
08:57 22.12.2024
credit suisse crisis ueli maurer's misleading statements and the downfall
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Marlene Amstad
Karin Keller-Sutter
Axel Lehmann
Thomas Jordan
Urban Angehrn
Ulrich Körner
Ueli Maurer
Show more
23:27 21.12.2024
lessons from the credit suisse crisis and failures of oversight
United States Dollar
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Colm Kelleher
Karin Keller-Sutter
21:26 21.12.2024
federal council navigates credit suisse crisis through secure messaging app
18:17 21.12.2024
Karin Keller-Sutter addresses Credit Suisse crisis and handover issues with Maurer
15:15 21.12.2024
Switzerland's new bilateral agreement with EU deemed significantly improved by officials
14:54 21.12.2024
Trending
Subcategory
Stock Market Updates
Corporate News
Industry Trends
Global Trade Developments
Global Financial Events
Finance Mergers & Acquisitions
Banking Regulations
Retail and Consumer Goods
Startups & Entrepreneurship
Central Bank Actions
Industry Mergers & Acquisitions
Inflation and Monetary Impact
CEO Changes
Market Analysis and Predictions
Government Economic Policies
Government Policies
Domestic Politics
Workplace Trends
GDP Growth & Recession Forecasts
Supply Chain Management
Countries:
Companies:
Barclays PLC
Apple Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Deutsche Bank Money Market PP
Banco Santander, S.A.
The Goldman Sachs Group, Inc.
Berkshire Hathaway Inc.
Credit Suisse Strategic Income I
Lloyds Banking Group plc
SpaceXCoin USD
Amazon.com, Inc.
NVIDIA Corporation
Bank of America Corporation
UBS Group AG
Morgan Stanley
Wells Fargo & Company
BNP Paribas SA
Commerzbank AG
UniCredit S.p.A.
Currencies:
United States Dollar
Euro
British Pound Sterling
Swiss Franc
Japanese Yen
Indian Rupee
Chinese Yuan
Canadian Dollar
Vietnamese Đồng
South Korean Won
Australian Dollar
Thai Baht
New Taiwan Dollar
Singapore Dollar
Indonesian Rupiah
Mexican Peso
Cambodian Riel
Russian Ruble
Hong Kong Dollar
Offshore Chinese Yuan
People:
Donald Trump
Elon Musk
Warren Buffett
JD Vance
Sergio Ermotti
Mark Haefele
Robin Leopold
Olivier Calvet
Troy L Rohrbaugh
Jennifer Piepszak
Karoline Leavitt
Ursula von der Leyen
Alex Kramm
Susan P. Crawford
Scott Bessent
Stacey Friedman
Jeff Bezos
George Saravelos
Francois Xavier Bouvignies
Joseph Spak