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The Council of States narrowly approved a proposal for a salary cap of five million francs for bankers, driven by concerns over excessive remuneration. However, skepticism remains among conservative parties, with the FDP and SVP likely to oppose it in the National Council. While the SP fully supports the cap, other parties are calling for more nuanced solutions to address high-risk banking practices.
Salaries for CEOs of major Swiss companies are on the rise, with UBS CEO Sergio Ermotti earning 14.9 million francs and Novartis CEO Vasant Narasimhan at 19.1 million francs. This trend has sparked political debate, including a proposed salary cap for bankers, which faces opposition from the Bankers Association. Shareholders, particularly large asset managers, prioritize company performance over concerns about executive pay.
The SVP has retracted its radical proposal to break up big banks, initially called for after the Credit Suisse crisis, citing better regulatory alternatives from the Federal Council and the parliamentary commission. Thomas Matter emphasized that the new measures aim to significantly reduce risks, particularly in investment banking, without the need for drastic structural changes.
The Parliamentary Commission of Inquiry into the Credit Suisse crisis concluded that the situation was self-inflicted, while acknowledging that a global financial crisis was averted in 2023. Finance Minister Karin Keller-Sutter supports the PUK's recommendations for improved banking regulation but rejects calls to restrict capital and liquidity requirements. Political parties are divided on how to address the supervisory authority Finma, with some advocating for its strengthening and others calling for accountability for its past actions.
The PUK's report on the Credit Suisse crisis has sparked varied reactions from political parties, highlighting mismanagement by bank leaders and calling for stricter regulations. The FDP praises its Federal Councillor for crisis management, while the SP demands a ban on bonuses for UBS managers and compensation for taxpayers. The Greens and Center Party echo calls for enhanced oversight and accountability in the banking sector.
Switzerland and China are set to enhance their free trade agreement, with implementation expected in 2025. Swiss parliamentarian Thomas Aeschi indicated that negotiations, which resumed in September, aim to reduce heavy tariffs on Swiss exports, particularly watches. China seeks to attract more Swiss investments and companies, highlighting the importance of their trade relationship, valued at CHF33 billion.
Marcel Dettling, president of the SVP, has reversed the party's stance on widow's pension reform, now seeking a deal after grassroots backlash. He proposes raising the AHV ceiling for married couples in exchange for adjustments to widows' pensions, emphasizing the need to protect marriage. This shift reflects a broader reconsideration of the SVP's social policies amid changing voter sentiments.
Swiss prosecutors have fined Glencore CHF2 million for corruption related to its activities in the Democratic Republic of Congo from 2007 to 2018. Civil society groups in the DRC demand that compensation from Glencore be allocated to social investments in affected communities, emphasizing that the Congolese people, not Switzerland, are the true victims of the corruption. Swiss legislator Christian Dandrès is advocating for reforms to ensure that fines imposed on multinationals benefit the countries where the offenses occurred.
Stéphane Rossini, head of the Federal Social Insurance Office, resigned following significant miscalculations in AHV forecasts that undermined trust in management. Despite the errors being known internally for months, the responsible Federal Councillor was only informed late, leading to public outrage and calls for accountability. Rossini will remain in his position until June 2025, reflecting a culture of prolonged transitions and limited transparency in Swiss governance.
Thomas Aeschi
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
banking sector salary cap proposal faces strong political opposition
Swiss Franc
Credit Suisse Strategic Income I
CHE
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Thomas Aeschi
Marc Chesney
Simone Rubin
Franziska Ryser
Jakob Stark
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16:43 19.03.2025
rising executive salaries spark debate in swiss corporate governance
Swiss Franc
Novartis AG
Hoffmann-La Roche AG
SGS SA
NOR
CHE
David Layton
Thomas Aeschi
Marc Chesney
Thomas Schinecker
Géraldine Picaud
Sergio Ermotti
Jakob Stark
Vincent Kaufmann
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15:54 17.03.2025
svp withdraws radical banking reform proposals after new regulatory suggestions
Swiss Franc
Credit Suisse High Yield Bond Fund, Inc.
CHE
Thierry Burkart
Christoph Blocher
Thomas Aeschi
Marco Chiesa
Thomas Matter
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18:23 18.02.2025
parliamentary inquiry finds credit suisse crisis was self inflicted and preventable
Credit Suisse Real Estate Fund Siat
CHE
Thomas Aeschi
Isabelle Chassot
Karin Keller-Sutter
Cédric Wermuth
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21:40 20.12.2024
parties react to credit suisse debacle with calls for accountability and reform
Swiss Franc
United States Dollar
Credit Suisse Real Estate Fund Siat
CHE
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Cédric Wermuth
Isabelle Chassot
Thomas Aeschi
Marlene Amstad
Karin Keller-Sutter
Jürg Grossen
Ueli Maurer
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15:16 20.12.2024
Switzerland and China to finalize enhanced trade deal by 2025
10:34 29.11.2024
SVP shifts stance on widow's pension reform amid grassroots backlash
13:45 01.11.2024
swiss prosecutor fines glencore amid calls for compensation to drc victims
Swiss Franc
Glencore plc
COD
CHE
Jean-Claude Katande
Thomas Aeschi
Mouna Algelly
Christian Dandrès
Lindsey Johnstone
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09:00 24.10.2024
resignation of federal official highlights communication failures in social insurance office
Swiss Franc
SonntagsBlick
CHE
Dominik Schaller
Thomas Aeschi
Stéphane Rossini
Christine Schraner Burgener
Nicoletta Della Valle
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05:57 24.10.2024
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