The PUK will present its investigation report on the emergency takeover of Credit Suisse by UBS today at 10:30 a.m., following a year and a half of inquiry into the roles of various authorities. The report aims to clarify responsibilities and propose reforms, particularly regarding the "too big to fail" regime for major banks. Key figures, including Finma President Marlene Amstad, are under scrutiny, with the findings expected to influence future regulatory measures.
The parliamentary commission of inquiry into the Credit Suisse collapse, which occurred on March 19, 2023, is set to release its findings. Chaired by Isabelle Chassot, the commission scrutinizes the roles of federal authorities, including the Federal Council and the Swiss National Bank, while former Credit Suisse executives face limited accountability. The report aims to clarify the failures that led to the bank's downfall and assess the effectiveness of the "Too Big to Fail" regulation.
Critics argue that Thomas Jordan, head of the National Bank, failed to support Credit Suisse adequately during its crisis, opting for a passive approach that left the federal government to handle a CHF 9 billion forced sale. Meanwhile, Axel Lehmann, the last Chairman of CS, defends his tenure, attributing the bank's decline to his predecessors and facing potential legal challenges. Finance Minister Karin Keller-Sutter is praised for her decisive actions post-crisis, but questions remain about the implications of a state-backed UBS and the regulatory failures of FINMA under Marlene Amstad.
The final report on the Credit Suisse crisis, released by the Parliamentary Commission of Inquiry, scrutinizes the actions of key institutions and individuals, including FINMA and the Swiss National Bank, during the bank's emergency merger with UBS. It highlights potential failings of former Finance Minister Ueli Maurer and assesses the collaboration among financial authorities. The findings will inform future regulations on "too big to fail" banks, with proposed amendments expected by mid-2025.
Axel Lehmann, Chairman of Credit Suisse, faces scrutiny over the bank's decline, attributing blame to his predecessors while defending his actions during the crisis. Legal challenges loom, including a lawsuit in the U.S. for allegedly providing false information, as the Parliamentary Commission of Inquiry investigates the bank's management and regulatory failures. The fallout raises questions about the effectiveness of the Financial Market Supervisory Authority and the National Bank's responses during the crisis.
The downfall of Credit Suisse has prompted a parliamentary commission of inquiry to investigate the failures of federal authorities, including the Federal Council, Swiss National Bank, and FINMA. The commission, led by Isabelle Chassot, aims to uncover the reasons behind the bank's collapse and the inadequacies of the too-big-to-fail regulations. Key figures from Credit Suisse, including former chairmen and CEOs, are expected to testify, while the inquiry seeks to address institutional shortcomings that contributed to the crisis.
The Bank Staff Association is demanding the resignation of Finma President Marlene Amstad ahead of the PUK report on Credit Suisse's collapse, criticizing supervisory authorities for failing to intervene earlier. They call for new accountability measures for top bank management and urge UBS to uphold Swiss values post-takeover. The anticipated PUK report is expected to scrutinize Finma's role in the bank's downfall.
The Swiss Bank Employees Association (ASIB) is demanding the resignation of FINMA chairwoman Marlene Amstad ahead of the Parliamentary Commission of Inquiry's report on the Credit Suisse bankruptcy. They criticize the government's inaction and call for accountability from top management, emphasizing the need for stronger supervisory tools and personal responsibility in the banking sector. The ICC report on Credit Suisse's collapse and its acquisition by UBS is set to be released tomorrow.
The UBS staff association is calling for the resignation of FINMA President Marlene Amstad, criticizing the Federal Council for its inaction as UBS faced significant challenges. They demand accountability for allowing Credit Suisse to operate with insufficient equity capital, risking thousands of jobs. UBS shares have dropped 2.66% to 27.08 francs amid these developments, with a report on Credit Suisse's downfall expected from the Parliamentary Commission of Inquiry.
The Swiss Bank Employees Association is demanding accountability from FINMA and the Federal Council ahead of the PUK's report on Credit Suisse's downfall. They criticize the supervisory authorities for allowing risky practices and call for the resignation of FINMA Chairwoman Marlene Amstad, emphasizing the need for personal liability among top bank management. The association also urges for enhanced regulatory measures and a commitment from UBS to uphold responsible HR policies amidst job cuts.
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