This week, a consumer group filed a complaint against Starbucks claiming its mobile app deceptively prevents users from using the full value of their reloadable gift cards, Apple partnered with a new payment tech firm, The Clearing House hired Amanda Stewart as new marketing chief and more in the banking news roundup.
Consumer group claims Starbucks’ mobile app is deceptive
Apple Pay expands integrated payment partners
The Clearing House hires marketing chief from Deutsche Bank
Swiss finance minister says new rules needed after near-collapse of Credit Suisse
"We have to act, we have no other choice," she said in an interview with Neue Zürcher Zeitung. "We have to ensure that a major bank can go under without, in the worst-case scenario, dragging an entire country into the abyss."
Keller-Sutter declined to comment on the new proposals that will be put to parliament in the spring, but said that "unpleasant issues" will be debated. She noted that the billions of francs of liquidity the government guaranteed as part of the Credit Suisse rescue would have been put at greater risk if the bank had been liquidated.
"This has nothing to do with hostility towards systemically important banks, but rather with our responsibility for the Swiss economy," she said.—Fergal O'Brien, Bloomberg News