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Swiss Financial Market Authority President Marlene Amstad has been criticized for her leadership style. This is a problematic situation, as “NZZ am Sonntag”, among others, recently reported. Now Amstad says in an interview with the magazine “Weekend Switzerland”: “Anyone who says and writes this does not know me.» Feedback from management and the board is completely different. “I trust dialogue and broad-based decisions.” There would also be no wave of secession. «The number of changes in management has been constant for years. Our fluctuation rate has never been as low as it is today, except for the corona days.”
However, the board will deal with criticism. Some changes would also have been made. “Not because the old things were bad, but because the world around us has changed,” said the Chairman of the Financial Markets Supervisory Authority (Finma), who has been in office since 2021 and has a doctorate in economics. For example, you communicate more actively.
Sympathy for bonus refund policy
The head of Finma expressed his sympathy for the policy of bonus returns for bankers. “This question is on the table and needs to be discussed now,” Marlene Amstad said. “But we can’t give ourselves that authority; that has to be decided by the legislature.”
“Money plays a role in the money business,” said the 55-year-old man from Bern. “That’s why we need penalties and we need the right incentives around pricing.”
Finma wants more power
Politicians and industry representatives are discussing tougher tools for Finma after the collapse of major bank Credit Suisse (CS) and its rescue thanks to a takeover by rival UBS. This aims to prevent future banking crises.
For example, Finma requires the authority to impose penalties or a top management regime where this must be recorded in writing at a bank responsible for which area. Finma also wants to be able to intervene in banks’ pricing models.
Finma harshly criticized CS’s bonus policy in the report published after the crisis. It turns out that CS is based solely on managers’ performance. Even in bad years, bank bosses received high wages. It was stated that “non-financial objectives” that influence managers’ behavior do not play a significant role in calculating bonuses as long as managers make money for the bank. (SDA/brother)
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.
