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Credit Suisse faced over 22 billion francs in losses due to inadequate internal controls and compliance failures, leading to high-profile scandals involving money laundering and dubious partnerships. Despite numerous warnings and investigations, the bank's leadership failed to implement necessary reforms, resulting in severe reputational damage and regulatory scrutiny from FINMA. The culture of negligence persisted, with key executives, including Lara Warner, held accountable for their roles in these failures.
A power struggle is unfolding at UBS between CEO Sergio Ermotti and Finance Minister Karin Keller-Sutter over capital requirements, with the latter demanding an increase of CHF 15-25 billion by 2030. UBS plans a CHF 3 billion share buyback and a 10% dividend increase, countering calls for more equity amid concerns about financial stability. The debate intensifies as regulators push for stricter capital adequacy rules, while Ermotti warns that such demands could hinder the bank's operations and economic contributions.
The Parliamentary Commission of Inquiry (PUK) is set to release its report on the downfall of Credit Suisse (CS) before Christmas, with scrutiny directed at the Swiss National Bank and FINMA for their delayed interventions. Critics argue that Parliament's political initiatives and regulatory filters weakened FINMA's authority, complicating the oversight of large banks. The report may reveal whether lessons have been learned from the UBS rescue in 2008 regarding capital requirements and the too-big-to-fail framework.
Tobias Guldimann
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credit suisse faces 22 billion loss amid widespread compliance failures
Swiss Franc
United States Dollar
Credit Suisse Group Ltd.
CHE
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Tobias Guldimann
Urs Rohner
Tidjane Thiam
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06:59 23.03.2025
power struggle at UBS over equity demands and regulatory changes
United States Dollar
Swiss Franc
CHE
USA
GBR
Karin Keller-Sutter
Christoph Blocher
Sergio Ermotti
Hannes Germann
Tobias Guldimann
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08:55 09.02.2025
Parliament's Role Under Scrutiny in Credit Suisse Downfall Inquiry Report
Credit Suisse High Yield Bond Fund, Inc.
CHE
Tobias Guldimann
Hannes Germann
David Wyss
Ueli Maurer
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17:56 08.12.2024
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