In a recent speech, Sergio Ermotti, CEO of UBS, advocated for increased powers for the Swiss Financial Market Supervisory Authority (Finma) to sanction negligent bankers in the aftermath of Credit Suisse's collapse in March 2023. "It should be easier for the bank, or the regulator, to go after people who demonstrated great negligence in their duties," Ermotti said. However, he emphasized that there was no need for a fundamental change to Switzerland's regulatory framework.
Instead, Ermotti endorsed a set of reforms proposed by a government-appointed panel in September to address the root causes of Credit Suisse's collapse, including strengthening early intervention tools for supervisors. The panel's findings highlighted weaknesses in Finma, emphasizing the need for enhanced enforcement capabilities during banking crises.
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