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Natalia Ferrara, Vice President of the Swiss Bank Employees Association, criticizes the PUK report on Credit Suisse's downfall, stating it fails to assign clear responsibility and lacks actionable lessons. She emphasizes the importance of UBS for the Swiss financial sector and warns against negligent theories regarding its necessity, highlighting the potential job losses and the need for effective regulation and enforcement. As UBS integrates with Credit Suisse, challenges remain, particularly for older employees facing redundancy.
UBS has undergone a significant transformation since the financial crisis, focusing on wealth management and reducing risk. In 2023, it made headlines by acquiring Credit Suisse, creating a financial powerhouse with over $5 trillion in assets, further solidifying its position as a leading global wealth manager. The strategic partnerships in Asia and South America highlight UBS's commitment to growth and innovation in the financial sector.
Around 3,000 investors are seeking to recover billions lost in the Credit Suisse bailout, with legal actions underway in both Switzerland and the USA. The PUK report reveals that the AT1 bond write-off was a key part of the UBS acquisition deal, raising questions about its legality and the federal government's role. Plaintiffs argue that the bonds should not have been written off due to a liquidity issue, potentially leading to significant financial repercussions for UBS and the Swiss government.
Ueli Maurer, the former finance minister, expressed concerns that UBS has become "too big" for Switzerland following its takeover of Credit Suisse. He emphasized the need to minimize risks associated with the bank, suggesting that shareholders should take responsibility rather than taxpayers. Maurer acknowledged UBS's importance to the Swiss economy but warned of potential future risks amid global economic uncertainties.
Secretive practices among Swiss officials, including undocumented "non-meetings," hampered the government's response to the Credit Suisse crisis, leading to confusion and a lack of preparedness for the bank's eventual collapse in 2023. A parliamentary report revealed that this culture of discretion left key ministers uninformed, ultimately tarnishing Switzerland's reputation as a financial safe haven. The investigation highlighted the detrimental effects of informal discussions, which delayed necessary interventions and contributed to the chaotic sale of Credit Suisse to UBS.
Sergio Ermotti dominated Swiss media in 2024 with 4,755 mentions, significantly outpacing other business leaders. Despite a 29% drop from 2023, he remains the most prominent figure, while Thomas Jordan and Thomas Schlegel follow with 3,973 and 2,608 mentions, respectively. The media landscape also saw notable mentions related to the Benko scandal and political initiatives against the EU.
The Swiss Financial Market Supervisory Authority (FINMA) faces criticism for its stringent approach to regulation, particularly regarding stablecoins, as it emphasizes risk minimization over industry concerns. Under new leadership, FINMA aims to strengthen oversight, exemplified by the forced closure of Flowbank and ongoing scrutiny of HSBC for money laundering violations. The authority's recent actions reflect a shift towards stricter regulation amidst a backdrop of rising Bitcoin prices and increasing crypto integration in banking.
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 revealed a split within the Swiss National Bank (SNB) regarding the Credit Suisse (CS) crisis. While then-Chairman Thomas Jordan and Finance Minister Karin Keller-Sutter favored a UBS takeover, SNB Vice President Martin Schlegel advocated for nationalization, believing it would better ensure financial stability. Additionally, FINMA President Marlene Amstad preferred a restructuring of CS that would keep it under private ownership, but the UBS acquisition ultimately proceeded at a bargain price.
The Parliamentary Commission of Inquiry (CEP) concluded that the collapse of Credit Suisse was primarily due to the bank's management failures, including a lack of cooperation with regulatory authorities and poor risk management. Despite significant profits, the board's reluctance to heed warnings from the Swiss Financial Market Supervisory Authority (Finma) contributed to the erosion of investor confidence. The CEP also criticized Finma for granting regulatory relief that masked the bank's true capital situation, suggesting that systemic banks should no longer receive such leniency.
Marlene Amstad
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bank staff association criticizes report on credit suisse downfall and UBS integration
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former finance minister warns UBS poses risks to swiss economy
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swiss banking regulations face criticism amid credit suisse crisis and takeover
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