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UBS CEO Sergio Ermotti's salary of 14.9 million Swiss francs (15.5 million euros) has sparked controversy, as it equates to 42,500 euros per day, mirroring the average annual salary of a Belgian worker. Despite criticism from Swiss officials regarding excessive executive pay, UBS's share price has surged by 62% since his appointment in April 2023. The broader management team's remuneration also rose significantly, totaling 149 million euros, prompting discussions about limiting executive salaries in Switzerland.
The National Council aims to strengthen FINMA following the Credit Suisse crisis, emphasizing the need for centralized supervision and enhanced enforcement powers. Proposed measures include limiting capital relief for large banks and enabling FINMA to impose fines and mandate early capital planning. While the Federal Council supports these initiatives, it cautions that no regulation can guarantee complete safety against future crises.
The Swiss National Assembly has approved measures to prevent a repeat of the Credit Suisse crisis, emphasizing enhanced powers for banking supervisors and limitations on executive bonuses. The Federal Council will draft revisions to the "Too big to fail" strategy by summer, aiming to strengthen the financial system amid ongoing concerns about potential future crises.
The National Council has unanimously praised the PUK report on the Credit Suisse crisis, adopting all motions to strengthen regulations for systemically important banks. Key proposals include amending "too big to fail" rules, enhancing FINMA's enforcement powers, and ensuring the resolvability of major banks to prevent future crises. The Federal Council is set to implement several of these recommendations.
The National Council has approved motions from the Parliamentary Commission of Inquiry regarding the Credit Suisse/UBS merger, emphasizing the need to strengthen capital regulations and FINMA's role. Finance Minister Karin Keller-Sutter acknowledged intense lobbying from UBS but affirmed the government's commitment to protect taxpayers and prevent future banking crises. The Federal Council will present new guidelines for the "Too big to fail" strategy by early summer, though no guarantees against crises can be made.
The National Council has approved measures to strengthen the role of FINMA and enhance the own funds of systemic banks following the Credit Suisse collapse. The Parliamentary Commission of Inquiry emphasized the need for better regulation and oversight, particularly for UBS, which absorbed Credit Suisse to avert a financial crisis. Proposed reforms include centralized supervision of audits and the ability for FINMA to impose fines and enforce decisions, with the Federal Council supporting these initiatives while cautioning that future crises may still arise.
Swiss Finance Minister Karin Keller-Sutter emphasized that the government will not be swayed by UBS's lobbying while revising financial sector regulations, particularly following the Credit Suisse crisis. Proposed changes may include up to 25 billion Swiss francs in additional capital requirements for UBS, which the bank argues could hinder its competitiveness. The Federal Council aims to ensure that UBS, deemed systemically important, can be effectively managed during a crisis, while Keller-Sutter maintains that taxpayer interests will guide decision-making.
Swiss Finance Minister Karin Keller-Sutter emphasized that the government will not be swayed by UBS's lobbying efforts, prioritizing taxpayer interests instead. Following the Credit Suisse crisis, the government is considering new regulations, including potential capital requirements for UBS, which could reach 25 billion Swiss francs. While discussions with UBS management are ongoing, Keller-Sutter clarified that the bank's interests will not dictate policy decisions.
The Swiss National Council has endorsed all measures proposed by the parliamentary commission of inquiry into the Credit Suisse collapse, aiming to strengthen FINMA's oversight. Key reforms include centralized supervision of major banks and enhanced enforcement powers for FINMA, including the ability to impose fines and mandate early capital planning. Despite these efforts, Swiss President Karin Keller-Sutter cautioned that no regulations can guarantee against future financial crises.
Switzerland's Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS Group AG's lobbying against stricter capital requirements. The focus is on ensuring UBS can be effectively wound down in a crisis, with discussions on imposing tougher capital rules that could require an additional $25 billion. While acknowledging concerns over banker bonuses, the government does not support capping remuneration for bankers.
Karin Keller-Sutter
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