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Switzerland's financial regulator wants to discuss the ability to claw back bonuses from bankers as part of stronger powers following the fall of Credit Suisse and sale to UBS. "The question is on the table and must be discussed now," FINMA Chairwoman Marlene Amstad told newspaper Schweiz am Wochenende, when asked about the right to demand bonuses be repaid. "The Credit Suisse case shows that for decades the bank has incurred losses and at the same time paid out high bonuses," she said in the interview on Saturday.
ZurichZüszSwitzerlandUnited-kingdomSwissBritainJohn-revillMarlene-amstadDavid-holmesCredit-suisseFinancial-regulatorMarlene-amstadAbout six months before Credit Suisse was sold to rival UBS in a weekend rescue, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into the lender and nationalise it, according to three sources with direct knowledge of the matter. Hobbled by a series of scandals and failed restructuring plans under successive management teams, Credit Suisse had experienced massive deposit outflows in October 2022. Swiss National Bank Chairman Thomas Jordan and other officials believed the lender faced an existential crisis that could not be solved by just injecting cash, two of the sources said.
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