The Swiss Times - Swiss News in English

Swiss banks under investigation over sharing data

  • By The Swiss Times
  • 6 December 2022

Switzerland plays Portugal in the World Cup today, why a health insurance subsidies program has been hotly debated in Bern, and more in our roundup of news from December 3 – 6.  

Swiss banks under investigation over sharing data

Rival banks UBS and Credit Suisse are neighbors on Zürich’s historic financial center Paradeplatz.

Swiss banks under investigation over sharing data

The Swiss Competition Commission (COMCO) has begun an investigation into whether Swiss banks illegally shared data on how employees are paid. According to a COMCO statement released yesterday, a “large number of banks in the German-speaking part of Switzerland regularly exchange information about the salaries of certain categories of employees,” which could be “problematic under the Cartel Act, so a preliminary investigation has been initiated.” The investigation will focus on 34 banks spread across six regions of German-speaking Switzerland. “The purpose of the procedure is to examine whether there are indications that the exchange of information on the salaries of certain categories of employees amounts to illegal agreements within the meaning of antitrust law,” COMCO said. They added that the Swiss labor market has become more and more significant to competition authorities worldwide. Read more.

Plan to subsidize health insurance premiums polarizing

Swiss politicians clashed last week over a federal initiative aimed at subsidizing health insurance premiums. The plan, which was proposed by members of the Socialist Party, would subsidize premiums once they exceed 10% of the client’s disposable income. Under the proposal, the federal government would pay two-thirds of the cost, but politicians argued that it may be saddled with nearly 90% of the bill. Moreover, the plan may be was in direct contrast with cantonal independence, politicians argued. The Federal Council rejected the plan on these grounds and came up with a counter proposal. That proposal was rejected by Switzerland’s upper house in a 22-20 vote. For now, the plan returns to Parliament.  Read more.

Swiss banks under investigation over sharing data

Switzerland last week beat Serbia 3-2.

Switzerland plays Portugal today in World Cup

Switzerland will face off against Portugal today in its fourth match of the World Cup 2022 in Qatar. Sports experts are predicting a 1-1 tie between the two European teams. The Swiss team may be playing confidently after a decisive win over Serbia last week. This will be the third time Switzerland plays against Portugal this year. Portugal beat Switzerland 4-0 in a Lisbon match over the summer. A week later, Switzerland beat Portugal 1-0 in Geneva. Meanwhile, all eyes may be on Portugal’s #1 player, Cristiano Ronaldo, who had an emotional outburst after he was substituted 65 minutes into Portugal’s game against South Korea. Portugal coach Fernando Santos told reporters he “really didn’t like” Ronaldo’s reaction. The game is expected to be a close one. Read more.

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