“The Credit Suisse case shows that the bank made losses for decades while paying high bonuses,” said Marilyn Amstad, head of the Financial Supervision Authority.
Amstad wants her organization to have a say in banks' compensation models. “We need a better legal basis so that FINMA can intervene earlier and more systematically,” she said in an interview with the Swiss newspaper. Switzerland or Wochenende. According to her, remuneration policy should also take into account how banks deal with risks in the long term.
The Swiss Supervisory Authority had previously called for more powers to prevent major problems in banks. The organization wants to be able to punish senior bank executives for mistakes, among other things. The supervisor also wants more options to issue fines to banks that violate the rules.
Credit Suisse nearly collapsed earlier this year after many customers withdrew their deposits because they were concerned about the bank's health. At the insistence of the Swiss government, rival UBS took over the bank to prevent the bankruptcy of Credit Suisse from causing a financial crisis.
FINMA was criticized at the time for not intervening in a timely manner.
