The Swiss Financial Market Supervisory Authority (Finma) is open to adopting additional sanctioning measures, including clawing back bonuses, as its chair Marlene Amstad said in a «SonntagsZeitung» interview (in German, behind paywall).

«We are interested in having as complete a toolbox as possible and are open to new, effective instruments,» Amstad said. However Finma would not be able to enforce this new measure itself. This would have to be done by the legislator, Amstad pointed out. 

Reputational Damage

Until now Switzerland’s main banks have cut the salaries of executives who have been involved in scandals or caused losses. They have not set out to recover bonuses from errant bank managers retrospectively.

Amstad also said that Credit Suisse's recent scandals had damaged the Swiss financial center's reputation. Finma recently opened enforcement procedures against three Credit Suisse bankers in relation to the bank's «spygate» affair.