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UBS has transformed into a massive bonus machine, with CEO Sergio Ermotti set to earn CHF 14.9 million in 2024, including a substantial cash payout. His shareholdings have skyrocketed to nearly 2.5 million shares, valued at CHF 70 million, as the bank's bonus pool increased to CHF 4.7 billion. Meanwhile, Chairman Colm Kelleher's compensation rose to CHF 5.5 million, reflecting a broader trend of soaring executive pay amidst significant profits.
Credit Suisse's management faced turmoil as it attempted to restructure amid significant financial losses and a massive cost-cutting program. CEO Axel Lehmann and Ulrich Körner aimed to transform the investment banking division into an advisory service, but internal conflicts and a lack of transparency led to a plummeting share price and fears of a bank run. Key figures, including Michael Klein and Blythe Masters, were embroiled in conflicts of interest, complicating the bank's recovery efforts.
The Lucerne Festival has lost its main sponsor, Sibylla and Christoph M. Müller, after 25 years of support, due to their protest against former Credit Suisse CEO Walter Kielholz remaining on the Board of Trustees. The couple withdrew their six-figure annual contribution, citing incompatibility with the festival's values. Despite this setback, the festival has secured new sponsorship from the Schwöbel family and the Jörg G. Bucherer Foundation.
The Lucerne Festival faces a funding crisis as main sponsor Sibylla and Christoph M. Müller withdraw support over the retention of Walter Kielholz on the Board of Trustees, citing his role in the Credit Suisse scandals. The festival defends Kielholz, emphasizing his contributions, while asserting its financial stability and finding a replacement sponsor.
The Lucerne Festival faces a sponsorship crisis as private sponsors Sibylla and Christoph M. Müller withdraw support over the presence of former Credit Suisse executives on the Board of Trustees. While Urs Rohner resigned, Walter Kielholz remains, prompting criticism from Müller, who emphasizes the importance of social accountability in cultural sponsorship. The Müllers plan to redirect their funding to other institutions, as the festival seeks new sponsors to replace them.
The Lucerne Festival faces a significant setback as main sponsors Christoph and Sibylla M. Müller withdraw their support over a dispute regarding former Credit Suisse executives Urs Rohner and Walter Kielholz. The couple, who have backed the festival for 25 years, demand a reevaluation of values in cultural sponsorship, citing concerns over reputation-washing. Despite Rohner's resignation, the Müllers remain firm in their decision, redirecting their funding to other institutions.
Iqbal Khan, former head of Credit Suisse's International Wealth Management, left the bank just before its significant issues arose, including the collapse of the Greensill funds, which led to a $10 billion freeze in client assets. Despite his senior role, Khan was not implicated in any wrongdoing by Finma, as investigations revealed systemic failures in the bank's management of the funds, with many former executives facing scrutiny. The Greensill debacle, alongside the Archegos bankruptcy, marked a critical decline for Credit Suisse, impacting its reputation and leadership.
The recent PUK report on Credit Suisse highlights the urgent need for competent leadership in Swiss banking, emphasizing that past failures stemmed from greed and lack of integrity among managers. Recommendations include stricter equity requirements for UBS and a review of bonus systems, as well as easier penalties for non-compliance. The report warns that without significant reforms, future banking crises could have devastating impacts on Switzerland's economy.
The PUK report on the Credit Suisse debacle fails to address the critical issue of character, attributing the bank's downfall more to a toxic mindset than to insufficient capital. Key figures, including Chairman Urs Rohner, exemplified a culture of greed and recklessness, leading to disastrous consequences. The report highlights systemic failures by regulatory bodies but overlooks the profound impact of leadership on the bank's fate.
The Parliamentary Commission of Inquiry (CEP) concluded that the collapse of Credit Suisse was primarily due to the bank's management failures, including a lack of cooperation with regulatory authorities and poor risk management. Despite significant profits, the board's reluctance to heed warnings from the Swiss Financial Market Supervisory Authority (Finma) contributed to the erosion of investor confidence. The CEP also criticized Finma for granting regulatory relief that masked the bank's true capital situation, suggesting that systemic banks should no longer receive such leniency.
Urs Rohner
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