A parliamentary commission of inquiry has concluded that mismanagement by Credit Suisse's leadership led to the bank's crisis, while authorities successfully averted a global financial disaster through intervention in March 2023. The report, spanning over 500 pages, criticizes the Federal Council for hesitance in implementing crucial liquidity guarantees and highlights the need for improved regulatory frameworks for systemically important banks. Additionally, it points to shortcomings in the oversight by the Financial Market Supervisory Authority (FINMA) and criticizes former Finance Minister Ueli Maurer for inadequate communication regarding the crisis.
UBS has downgraded Zurich Insurance to a "sell" rating from "neutral," reducing its target price to 515 Swiss francs from 532 Swiss francs. The analyst cites limited growth potential and a fully reflected share price in light of the company's three-year plan, despite a forecast of over 9% average annual growth in core EPS for 2025-2027.
UBS has downgraded Zurich Insurance to a sell rating, reducing the target price from 532 to 515 Swiss francs. The analyst notes that the current share price reflects the company's three-year plan, indicating limited earnings growth potential and a risk of valuation contraction. Zurich has set a target for over 9% average annual growth in core earnings per share from 2025 to 2027.
The Swiss Bank Employees Association is demanding the resignation of FINMA President Marlene Amstad following the PUK report on Credit Suisse's collapse. They criticize the Federal Council for inaction and question why supervisory authorities allowed the bank to operate with insufficient equity capital, risking thousands of jobs. A report from the Parliamentary Commission of Inquiry is set to be released soon.
The Swiss Bank Employees Association is demanding the resignation of FINMA President Marlene Amstad following the PUK report on Credit Suisse's downfall. They criticize the Federal Council for its inaction and question why supervisory authorities allowed the bank to operate with insufficient equity capital, putting thousands of jobs at risk. A report from the Parliamentary Commission of Inquiry is set to be released soon.
A parliamentary commission in Switzerland is set to present its investigation report on the emergency takeover of Credit Suisse by UBS on Friday. The report, anticipated by both politicians and the public, is expected to criticize the Financial Market Supervisory Authority, the Ministry of Finance, and the Swiss National Bank for their roles leading up to the crisis. This inquiry marks the fifth of its kind in modern Swiss history, following a significant event that has impacted the nation's self-image regarding financial stability.
The PUK report on Credit Suisse will be unveiled on Friday, revealing key findings from the investigation into the bank's downfall. The focus is on the roles of FINMA, the Swiss National Bank, and the Federal Council's Department of Finance, following 62 hearings. Recommendations regarding regulatory powers are anticipated.
A Swiss parliamentary report on the management of Credit Suisse's 2023 collapse will be published on December 20, following months of anticipation. The findings will inform new regulations for UBS, which acquired Credit Suisse after its significant decline due to scandals. The government plans to draft legislation based on the committee's insights.
A Swiss parliamentary report on the handling of the Credit Suisse collapse will be published on December 20, following months of anticipation. The findings will inform new regulations for UBS, which acquired Credit Suisse after its dramatic fall in March 2023 amid multiple scandals. The government has delayed proposing new legislation until the report is released.
The Bitcoin Association Switzerland is advocating for the country to regain its status as a leader in Bitcoin and crypto innovation, following a recent meeting with Swiss parliament members. Despite past disillusionment, the association's leadership expressed optimism about potential regulatory improvements and the growing acceptance of Bitcoin among institutional investors. With favorable conditions and political engagement, they aim to reverse the trend of innovation migrating abroad.
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