Financial turnaround: need much higher capital buffers at banks
The citizens’ movement Finanzwende criticizes the takeover of Credit Suisse. “With this merger of two banks that were already systemically important, we get an even bigger player that certainly shouldn’t go bankrupt,” said Gerhard Schick, board member of the Finanzwende. Swiss politicians and supervisory authorities had failed.
“You watched Credit Suisse slide from scandal to scandal and lose more and more customers.” Taxpayers now paid for this. “The weekend emergency merger shows how unstable the financial markets are. The pressure from the markets was so great that that you felt compelled to take this step.” Important financial market reforms must now finally follow.