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FINMA has restructured its organization to enhance risk management and supervision, effective April 1, 2025. A new "Integrated Risk Expertise" division will consolidate expertise in liquidity, capital, and money laundering, while on-site inspections will increase. This reform aims to address criticisms following the Credit Suisse crisis and restore confidence in the Swiss financial sector.
Swiss financial market regulator FINMA has restructured its organization to enhance supervision, particularly following UBS's acquisition of Credit Suisse. The changes include a new Chief Risk Officer role and a focus on integrated risk management to address challenges like liquidity, capital, and non-financial risks. Deputy CEO Birgit Rutishauser will leave by April 30 for a new career opportunity, a decision unrelated to the restructuring.
Birgit Rutishauser, deputy to Finma Director Stefan Walter and head of the insurance division, is leaving the financial markets supervisory authority after nine years for new professional challenges, with her last day on April 30. She served as acting director for six months following Urban Angehrn's resignation and received praise for her leadership during a challenging period. Finma also announced an organizational reorganization, creating a new cross-division for "integrated risk expertise" and merging the Markets and Asset Management divisions.
The Swiss Financial Market Supervisory Authority (FINMA) will restructure its organization on April 1, 2025, to enhance risk-based supervision and financial system integrity. A new division, "Integrated Risk Expertise," will centralize risk management functions, while the Asset Management and Markets divisions will merge to improve efficiency. Key appointments include Marianne Bourgoz Gorgé as head of the new division and Léonard Bôle overseeing the merged divisions, with a focus on addressing emerging challenges like non-financial risks and cybercrime.
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.
Marlene Amstad
People
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