Business

Swiss watchdog seeks more tools to hunt down bad bankers – newspaper

FILE PHOTO: The logo of the Swiss bank Credit Suisse is seen in Zurich
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its branch office in Zurich, Switzerland, November 3, 2021. Photo taken November 3, 2021. REUTERS / Arnd WIegmann / File Photo

December 5, 2021

ZURICH (Reuters) – The chairman of Switzerland’s financial watchdog has called for increased powers to punish wayward bankers after a series of scandals tarnished the industry’s international reputation.

Marlene Amstad, head of the board of directors of the Swiss Financial Market Supervisory Authority (FINMA), told SonntagsZeitung newspaper that the agency would welcome new tools to hold bankers accountable. mistakes they make.

While FINMA is currently able to weed out bankers making serious mistakes, FINMA lacks the kind of broader toolkit that the UK, for example, has with its Senior Management Mode, she said in the interview.

“We cannot introduce such tools ourselves, the legislature has to do it. Currently, there are political initiatives that address the need to act on this issue. We’re interested in having the most complete toolbox possible, and are essentially always open to new, effective tools,” she says.

In particular, frustration with Credit Suisse is causing Switzerland to rethink a system in which top bankers are virtually untouchable, Reuters reports unthinkable-punish-banking. -2021-05-28 in May.

Credit Suisse’s heavy losses caused by the collapse of the Archegos family office and billions of customer investments backed by the defaulted British financier Greensill have angered regulators and caused a rare discussion among lawmakers about penalizing bankers.

On other topics, Amstad said the risk from the mortgage market that has increased as property prices heat up is different from economic fundamentals, but she said FINMA has not decided whether to apply. restore anti-cyclical capital buffers that the government has suspended amid the pandemic.

“What we can do is ask for a risk surcharge from individual banks if a bank takes too much risk when it comes to mortgage lending. We use this instrument often, including recently,” she said without giving further details.

(Reporting by Michael Shields; editing by David Evans)

https://www.oann.com/swiss-watchdog-seeks-more-tools-to-go-after-bad-bankers-paper/?utm_source=rss&utm_medium=rss&utm_campaign=swiss-watchdog-seeks-more-tools-to-go-after-bad-bankers-paper Swiss watchdog seeks more tools to hunt down bad bankers – newspaper

Bobby Allyn

USTimeToday is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@ustimetoday.com. The content will be deleted within 24 hours.

Related Articles

Back to top button