What does Finma say about the ban on bonuses at CS?

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The Swiss financial market regulator (Finma) withdrew last week: its traditional annual media conference was canceled at short notice, Blick reported. The cancellation was justified with the “currently strong focus on the work related to the merger of UBS and CS”.

Finma is now answering the journalists’ questions. On Wednesday morning Marlene Amstad (54), chairman of the board of directors of Finma and director Urban Angehrn (58), will answer open questions about the announced merger of UBS and CS.

Finma is investigating action against Credit Suisse management

Finma must be “professionalized” and given more power, the young liberal demanded last week. The young politicians even accused the regulator of inactivity and threatened a popular initiative.

Not everyone is so strict with the authorities: Finma “observed CS very closely and therefore knew very well what was happening,” says Yvan Lengwiler, professor of economics at the University of Basel, who reviews Finma’s work on the merger of CS and UBS . He told Blick that he would like it if Finma were given more powers, for example when it comes to paying bonuses. Lengwiler served on the supervisory authority’s board of directors for seven years.

Finma is currently investigating to what extent Credit Suisse’s management can be addressed. “We are not a criminal authority, but we are exploring the right options,” Finma’s president said a few days ago.

Blick will report live from the Finma event on Wednesday from 8.30 am. (she)

Source:Blick