Finance
Swiss Watchdog Needs Power to Cut Bank Bonuses, Ex-CEO Angehrn Says
- Bonus powers most important for Finma, ex-CEO Angehrn says
- Credit Suisse crisis last year raised questions about Finma
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Switzerland’s financial regulator Finma should have the power to rein in bank bonuses if the country wants to prevent future crises, its former chief executive officer said Tuesday.
Finma needs to be able to exert “influence over the compensation architecture and individual, let’s say, bonus pool decisions of the large banks,” Urban Angehrn told Bloomberg TV in his first interview since his resignation last September. The current setup only let’s Finma formulate guidance on bonuses, “but from a legal point of view that’s not a very strong piece of legislation,” he said.