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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.
Swiss lawmakers have approved tighter banking regulations following the collapse of three US regional banks, which raised concerns about Credit Suisse's stability. The government facilitated UBS's $3.25 billion takeover of Credit Suisse to prevent a potential global banking crisis. Despite new measures, officials warn that no system can guarantee complete safety against future financial crises.
In Berne, concerns are rising over Switzerland's ability to rescue UBS in a crisis. Federal President Karin Keller-Sutter has ruled out a temporary state takeover of the bank, cautioning that a worst-case scenario could resurface.
The National Council has rejected a Socialist motion to ban political donations from public companies, including major banks like UBS, which contributed over one million francs in 2023. Cédric Wermuth criticized the influence of these firms on political decisions, while the government deemed new regulations premature, citing existing transparency measures. A similar proposal will be discussed in the Council of States.
Lara Warner, head of compliance at Credit Suisse, faces a 100,000 franc fine for failing to report an $8 million payment from Mozambique as potential money laundering. Despite her involvement in the controversial Greensill and Archegos cases, she retained her position after Tidjane Thiam's resignation. The Zurich public prosecutor's office is investigating the Greensill case, with a raid on Warner resulting in the confiscation of her electronic devices.
Lara Warner, head of compliance at Credit Suisse, faces a 100,000 franc fine for failing to report an $8 million payment from Mozambique as potential money laundering. Despite her involvement in controversial loans linked to Greensill and Archegos, she retained her position after Tidjane Thiam's resignation. A police raid on Warner's property has led to an investigation by the Zurich public prosecutor's office.
UBS is facing increasing pressure from Parliament to secure more equity, as highlighted in a recent National Council debate regarding the PUK report. SP finance politician Roger Nordmann emphasized the need for politicians to unite and resist allowing UBS to dictate terms, urging for internal compromises rather than concessions to the bank.
Two years after UBS's acquisition of Credit Suisse, tensions have escalated between the bank and the Swiss Confederation. UBS CEO Sergio Ermotti and Finance Minister Karin Keller-Sutter have publicly clashed over proposed banking regulations, highlighting a significant shift from their previously cooperative relationship during the takeover.
The debate over UBS's role in the Swiss economy intensifies, with some economists arguing it is not irreplaceable, while others emphasize its significance for local businesses. The Federal Council's recent actions have raised concerns about increased dependence on UBS, which some view as a geopolitical risk. Meanwhile, foreign banks are expanding their presence, sensing an opportunity as UBS faces stricter capital requirements and potential relocation discussions.
Swiss MPs have endorsed tougher banking regulations and enhanced powers for the supervisory authority following the Credit Suisse crisis. The measures aim to mitigate risks posed by UBS, which has grown significantly after acquiring Credit Suisse, with officials acknowledging that while reforms are necessary, they cannot guarantee complete crisis prevention.
Karin Keller-Sutter
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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