2023-06-05 01:12:59
The former president of Credit Suisse Walter Kielholz rejects the reproaches of the UDC, which denounces a bad management of the bank and a cronyism with the PLR, having led to bankruptcy. However, he recognizes that the payment of the bonuses should have been regulated differently.
Questioned on Monday in the German-speaking newspapers of the Tamedi press group, Mr. Kielholz said he had not found any members of the PLR in a decisive position in the bank. He also takes issue with criticism of personnel policy. Even today, he supports the hiring of former president Urs Rohner.
As for the 70 million francs in bonuses paid to the former director of Credit Suisse Brady Dougan, a brake should have been put in place, adds Mr. Kielholz. But ‘a cap in principle on bonuses is not practicable in Switzerland. People go where they earn more’.
To find fault in the Credit Suisse debacle, he turns to the Swiss National Bank (SNB) and the financial market supervisory authority, FINMA, which should have intervened already last fall to guarantee liquidity to Credit. Swiss. Customers then massively withdrew their funds, he recalls, pointing to a risk that cannot be eliminated.
Walter Kielholz was Chairman of Credit Suisse from 2003 to 2009. He served on the bank’s Board of Directors from 1999 to 2014.
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