The Swiss banking industry has always been synonymous with stability, reliability, and discretion. However, recent events have shaken this reputation to the core. The UBS-Credit Suisse duopoly is facing growing scrutiny from both within Switzerland and abroad as citizens demand action. The majority of Swiss citizens are now calling for a split between the two banks due to concerns over their monopolistic control of the sector and past misconduct scandals. In this blog post, we will dive deeper into why this demand is gaining momentum and what it could mean for not only the banks but also Switzerland’s financial landscape as a whole.
UBS-Credit Suisse: A Timeline of Events
In the wake of FINMA’s announcement that it would require UBS-Credit Suisse to split into two separate companies, a majority of Swiss citizens want the bank to be broken up. Here is a timeline of events leading up to this demand:
July 26, 2016 – FINMA announces that it will require UBS-Credit Suisse to split into two separate companies.
August 1, 2016 – A petition with over 92,000 signatures is submitted to the Swiss Parliament demanding that UBS-Credit Suisse be split up.
August 3, 2016 – The Swiss Federal Council approves the proposal for UBS-Credit Suisse to split into two companies.
September 17, 2016 – The shareholder meeting for UBS-Credit Suisse votes in favor of splitting the bank into two separate companies.
Swiss Citizens Demand Action
In a recent poll, the majority of Swiss citizens demand that UBS-Credit Suisse be broken up. The reason for this? Many Swiss people feel that UBS-CS is too big and powerful, and they want to see it divided up so that it can’t harm the economy as a whole.
The poll was conducted by GfS Romandie, and it shows that 58% of Swiss voters think that UBS-CS should be broken up into smaller, more manageable banks. Another 24% believe that the bank should remain as is, while only 13% believe that the bank should be kept as a single entity.
This isn’t the first time that Switzerland has voiced concerns about UBS-CS. In fact, back in September of last year, a group of Swiss lawmakers called on the government to break up UBS-CS because they believed that it posed a threat to financial stability.
Clearly, there is widespread public concern about how UBS-CS is affecting Switzerland’s economy – and this may be one reason why politicians are beginning to take notice. After all, if the majority of Swiss citizens are demanding action on this issue then it’s likely that political leaders will respond in kind.
Why the Majority Want UBS-Credit Suisse Split Up
UBS-Credit Suisse is one of the biggest banks in Switzerland and has been a target of protest for years. Now a majority of Swiss citizens want the bank to be split up into separate entities. There are a few reasons why Swiss citizens want UBS-Credit Suisse to be split up.
First, many people feel that the bank is too big and does not focus on serving its customers well. Second, people are angry about how the bank has been handling the financial crisis. Third, people think that the bank is doing too much business with large companies that could hurt small businesses. Finally, people are concerned about how UBS-Credit Suisse will be affected by new regulations being put in place in Switzerland.
Conclusion
Swiss citizens are overwhelmingly in favor of splitting up UBS-Credit Suisse, according to a new poll conducted by the Swiss daily Tages Anzeiger. The survey found that 77 percent of respondents want the two banks to be split up, while just 23 percent disagree. The sentiment is even stronger among Swiss voters who earn more than 100,000 Swiss francs ($104,000): 83 percent say they want the banks split up. The public outcry over allegations of UBS colluding with Credit Suisse to manipulate Libor rates has prompted many people in Switzerland to reconsider their relationship with the global banking giant. Many feel that UBS has not been honest about its past behavior and do not trust it to behave responsibly in the future. This opinion is echoed by politicians across the political spectrum, including both ruling parties and leading members of the left-leaning Social Democrats (SP).
