The Swiss Prime Minister criticizes the incompetence of senior Credit Suisse officials

Swiss President Alain Berset on Tuesday condemned the incompetence of Credit Suisse’s senior managers, whose management he blamed for bringing the bank to the brink of collapse, which it managed to avoid when it was bought by rival UBS. a government-backed operation.

“Confidence in Credit Suisse was gradually destroyed by those at the top who, as is evident, were not able to learn the lessons of the last financial crisis in 2008 or to assume their responsibilities towards their colleagues,” Berset said during an extraordinary session of the Swiss Parliament devoted to this banking crisis in which MPs discussed the 150,000 million euros in loans and 109,000 million in guarantees offered by the executive to UBS for the takeover of Credit Suisse.

The parliamentary session will not affect these grants because the Chamber does not have the power to veto the operation, although it is possible for the legislator to determine the conditions for the use of loans.

Stand in the background of Alect

The financial crisis cost the job of the CEO of the Swedish pension fund Alecta yesterday. Magnus Billing will cease “with immediate effect”, after the entity recorded losses of around 1.715 million euros due to its exposure to US banks SVB, Signature Bank and First Republic.