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"Game Over," a film about the collapse of Credit Suisse, premiered in Zurich, showcasing the dramatic downfall of the bank and its executives. While the movie highlights the greed and mismanagement of CS leaders, it leaves unanswered questions about the lack of accountability and the role of Swiss authorities during the crisis. The film, financed by Netflix, combines thrilling historical insights with a critique of the banking sector, yet rushes through key events leading to CS's demise.
Martin Schlegel, the new head of the Swiss National Bank, acknowledges the challenges of balancing family life with his demanding role. He emphasizes the need for improved banking regulations following the Credit Suisse crisis and supports the Public Liquidity Backstop to ensure financial stability. Schlegel also addresses the uncertainties in the global economy, particularly due to political pressures and customs policies, while maintaining the SNB's commitment to price stability through interest rate management.
Urban Angehrn, the former director of FINMA, has joined Partners Group to enhance its insurance sector, following his departure amid the Credit Suisse crisis. This trend of ex-regulators moving to private firms raises concerns about the effectiveness of oversight in Switzerland's financial industry. Meanwhile, Patrick Raaflaub of Swiss Re will retire in 2025, with the company opting for an internal successor rather than another external hire from the regulatory sphere.
Raiffeisen banks in St.Gallen reported a decline in earnings for 2024 due to lower interest rates, despite creating over 50 new jobs and a flourishing stock market business. While net interest income fell, the banks' diversification into investment services led to a slight increase in net profit to CHF 50 million. The overall economic environment remains stable, with rising demand for residential property and job security supporting consumption, despite challenges in the industrial sector.
Ueli Maurer reflects on the downfall of Credit Suisse, emphasizing that the bank resisted state intervention despite severe liquidity issues. He critiques the limitations of FINMA and the Swiss National Bank, noting that a lack of legal frameworks hindered timely action, ultimately leading to a loss of trust in CS. Maurer argues that the state should not rescue mismanaged companies, highlighting the need for better oversight and intervention mechanisms in the banking sector.
Wealthy individuals are increasingly relocating to tax-friendly areas like Oberägeri before retirement to significantly reduce their tax burdens on capital withdrawals. UBS Vice Chairman Lukas Gähwiler exemplifies this trend, moving from Langnau am Albis to save up to 70% in taxes on large pension payouts. However, to benefit, one must genuinely establish their main residence in the new canton, as superficial moves may not be recognized by tax authorities.
Lukas Gähwiler, UBS Vice-Chairman, has relocated from Langnau am Albis to Oberägeri, a tax haven in Zug, ahead of his retirement. This move allows him to significantly reduce his tax burden, as Oberägeri offers lower municipal and cantonal tax rates compared to his previous residence. As he approaches retirement, Gähwiler's decision reflects a trend among the wealthy to optimize tax benefits related to pension payouts.
A symposium in Zurich emphasized the need for decisive action following the Credit Suisse crisis, with discussions focusing on the controversial Public Liquidity Backstop (PLB) and future capital requirements for UBS. The Federal Council is set to propose a compensation fee for systemically important banks, while the Capital Adequacy Ordinance consultation is anticipated to reveal potential reductions in privileges for UBS, which could cost the bank up to CHF 25 billion. The ongoing political and regulatory scrutiny highlights the urgency to prevent future banking crises and protect taxpayers.
Switzerland's National Bank (SNB) faces pressure to invest in Bitcoin as part of a popular initiative advocating for constitutional changes to enhance financial sovereignty. Despite past rejections, the growing influence of Bitcoin advocates, including billionaires, suggests a potential shift in the SNB's stance amid rising global interest in cryptocurrencies. The canton of Zug, dubbed "Crypto Valley," continues to thrive as a hub for digital currency investment, attracting both private banks and wealthy investors.
A private committee, led by Bitcoin specialist Yves Bennaïm, is pushing for a popular initiative in Switzerland to mandate the Swiss National Bank to invest in Bitcoin, amending the constitution to allow part of its reserves in the cryptocurrency. The initiative, which requires 100,000 signatures by mid-2026, follows previous recommendations for significant Bitcoin investments that could have yielded substantial returns. As global interest in national Bitcoin reserves grows, Switzerland has the chance to take a leading role in this emerging financial landscape.
Matthew Jordan
People
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