The Swiss have rarely been as united as they are on the subject of UBS and Credit Suisse. A survey shows a large majority think those responsible for Credit Suisse should be held financially accountable.

The people have had enough of mismanagement, bonuses, and excuses. As shown by a Sotomo survey commissioned by «SonntagsBlick» (in German), 56 percent of respondents agree with the Federal Council that further delay in dealing with the situation at Credit Suisse would have led to unforeseeable economic distortions.

At the same time, two-thirds of respondents object to the solution chosen by the Federal Council which, acting in conjunction with the Swiss National Bank and the Swiss Financial Market Supervisory Authority (Finma), led to the takeover of Credit Suisse by UBS. Instead, the Swiss populous preferred a nationalization of Credit Suisse and a subsequent sale, with 61 percent of respondents saying it was the option.

Fears of Cluster Risk

There is no popular support for a behemoth UBS, with four out of five respondents calling for UBS to spin off Credit Suisse's domestic operations to avoid a cluster risk.

Respondents are not angry about any political or regulatory failings, but rather with the behavior of Credit Suisse executives. With multiple answers available, some 77 percent of survey participants ticked off mismanagement at Credit Suisse as a cause for anger.

The worst culprit for two out of three respondents was Urs Rohner. He served as Chairman from 2009 to 2021, collecting over 43 million francs ($46.7 million) while driving Credit Suisse off a cliff.

Impressive Unanimity

The Swiss want Rohner and his peers to pay. Nearly all of the respondents, 96 percent, demand that the Credit Suisse CEOs and board members responsible for the bank's downfall be held financially responsible.

«I have never seen such a unanimity of responses,» says Sotomo managing director Michael Hermann. «The unanimous demand for the financial liability of those responsible is especially impressive. It shows the stark contrast between the self-perception of those responsible for Credit Suisse and the mood of the population.»

Ban on Bonuses

Two-thirds of the Swiss are calling for a ban on bonuses for the systemically important banks involved. They expect politicians to take action, with 86 percent calling for a parliamentary commission of inquiry (PUK).

The survey was conducted among 7,407 participants from French- and German-speaking Switzerland.