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SVP saw “mismanagement and a feeling of FDP” as they explained the cause of the CS crisis. Walter Kielholz said in an interview with Tamedia newspapers on Monday that he did not find a member of the FDP in a key position.
CS’ former board of directors also deflected criticism of its personnel policy. Today, he can stand behind the stance of the then President Urs Rohner.
Kielholz said that with the bonus of 70 million francs given to CEO Brady Dougan, one has to hit the brakes. A basic upper limit on bonuses cannot be applied in Switzerland. “People go where they earn more.”
Kielholz said the National Bank and Financial Market Authority had to intervene last fall to ensure CS’ liquidity. Then a lot of customer money flowed. An insurmountable risk. “You can’t reform a bank so that it is no longer a bank.”
The former CS President wasn’t sure if the new UBS was too big for Switzerland. Because in a crisis situation, first of all, political will is needed.
Kielholz was president of CS from 2003 to 2009. He was on the board of directors of the big bank from 1999 to 2014. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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