Observations
Nov 28, 2023In 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. Cr"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.
Observations
Nov 07, 2022Credit Suisse recently agreed to pay €238 million to settle French money laundering charges. Prosecutors accused the bank of encouraging wealthy clients to set up bank accounts in Switzerland between 2005 and 2012, which were then out of reach of French tax authorities.
