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The traditional bank Credit Suisse is finished. The main reason: a risk culture that has gotten out of hand. Greensill and Archegos are just the more famous cases in a series of scandals that all have a common denominator: bonus-driven bankers ignored all warning signs and carried on as usual – until it crashed.
Bonuses aren’t just good manners at CS. Banks around the world rely on it. And to this day, they still resist calls to rethink their reward systems. In Switzerland, the parliament rejected a corresponding SP initiative in 2018. But now the subject has resurfaced – also from bourgeois parties.
Two-thirds for a ban
There is tailwind from the population, and with force. A representative Sotomo survey commissioned by Blick and SonntagsBlick shows that two thirds of the Swiss advocate a ban on bonuses for local systemically important banks. In addition to UBS and Credit Suisse, these are also Raiffeisen, ZKB and Postfinance.
With 83 percent, most approval comes from the ranks of SP voters. But even among SVP supporters, a whopping 68 percent are in favor of it. Less than half belong only to the FDP sympathizers: 38 percent.
Record majority
The allies do not only have a clear opinion on the ban on bonuses. They also agree on who is responsible for the crisis and whether the transfer of CS to UBS was the right choice – sometimes by record-breaking majorities.
Source:Blick
I am Liam Livingstone and I work in a news website. My main job is to write articles for the 24 Instant News. My specialty is covering politics and current affairs, which I’m passionate about. I have worked in this field for more than 5 years now and it’s been an amazing journey. With each passing day, my knowledge increases as well as my experience of the world we live in today.
