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Swiss MPs have criticized authorities for their failures leading to the collapse of Credit Suisse, citing excessive capital relief and insufficient oversight by the Financial Market Supervisory Authority (Finma). The Parliamentary Commission of Inquiry concluded that the bank's mismanagement was the primary cause of the crisis, which culminated in an emergency takeover by UBS in March 2023. The report calls for urgent reforms in banking regulation, including stricter capital requirements and improved information exchange among authorities to prevent future crises.
A forthcoming report on Swiss authorities' handling of Credit Suisse's collapse is expected to influence future regulations for UBS, its new owner. The parliamentary committee's findings may criticize market regulator FINMA and suggest a need for stronger oversight, although recommendations on bank capital are not anticipated. The report's release could shape public and political sentiment regarding financial oversight in Switzerland.
The UK's Financial Conduct Authority (FCA) is investigating allegations that former Credit Suisse employees shared confidential information via WhatsApp, particularly within its London research unit from mid-2022 to early 2023. The inquiry, which began in February 2023, focuses on potential breaches of regulatory requirements regarding the use of personal devices for business communications. UBS, which acquired Credit Suisse, stated it is unaware of the ongoing investigation, while the FCA may impose fines or other penalties if sufficient evidence is found.
EFG International is poised for a record net profit in 2024, with over 260 million Swiss francs earned in the first 10 months, surpassing last year"s total of 303.2 million francs. The bank reported strong cash inflows of 7.4 billion francs and an increase in assets under management to 159 billion francs. CEO Giorgio Pradelli noted heightened client activity amid market volatility and indicated potential acquisition opportunities, although nothing is imminent.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse during its emergency takeover. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding the segregation of suspicious funds, as the US intensifies scrutiny on financial dealings with Russian clients amid ongoing sanctions. UBS is in the process of integrating approximately 1.3 million former Credit Suisse clients while shedding those linked to Russia, amidst rising tensions between the US and Switzerland over financial transparency.
US authorities are investigating Russian accounts that UBS acquired from Credit Suisse amid heightened scrutiny following sanctions related to Russia's invasion of Ukraine. UBS is reportedly segregating suspicious funds and closing accounts linked to Russian clients to mitigate potential risks. Tensions between the US and Switzerland are rising, with calls for greater transparency in financial dealings to prevent illicit activities.
The U.S. is investigating Russian accounts that UBS acquired from Credit Suisse, following the latter's collapse in March 2023. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding these accounts amid heightened scrutiny due to sanctions related to Russia's actions in Ukraine. UBS is reportedly taking steps to mitigate potential penalties by isolating questionable funds and closing certain accounts.
The U.S. is investigating Russian clients that UBS acquired through its takeover of Credit Suisse, amid heightened scrutiny of the bank's handling of potentially risky accounts. The Office of Foreign Assets Control (OFAC) has engaged with UBS, emphasizing the need for compliance to avoid penalties. Meanwhile, Swiss regulators are also monitoring UBS's anti-money laundering practices in light of the situation.
Swiss Finance Minister Karin Keller-Sutter emphasized the need for credible resolution planning for UBS, stating that future capital requirements depend on the bank's resolvability in crises. Following the emergency takeover of Credit Suisse, the government proposed stricter capital regulations, particularly for foreign subsidiaries, but specific figures remain undetermined. Keller-Sutter highlighted the challenge of balancing the financial sector's competitiveness with economic protection and indicated that legislative drafts would be available in early 2025 for public comment.
UBS Chairman Colm Kelleher stated that banks deemed too big to fail are adequately capitalized, arguing that since the 2008 financial crisis, they have strengthened their financial positions. He criticized proposed Swiss regulations aimed at increasing capital requirements, suggesting they could hinder business and overlook the importance of liquidity and business models, as highlighted by the Credit Suisse collapse. Kelleher emphasized the need for regulators to focus on enhancing liquidity rather than imposing excessive capital regulations.
Oliver Hirt
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