Sergio Ermotti says banks must compete internationally as debate rages over direction of country’s financial reforms
UBS chief executive Sergio Ermotti has warned that Switzerland risks being overtaken as the world’s wealth management hub if policymakers overreact to the fall of Credit Suisse. Ermotti, who was drafted back in as head of Switzerland’s biggest lender just days after it rescued its former rival last year, said the country needed its banks to be able to compete globally.
Analysts predicted that the rule change could lead to between $15bn and $25bn of additional capital requirements for UBS, with finance minister Karin Keller-Sutter indicating that the estimates were “plausible”. Ermotti and UBS chair Colm Kelleher have previously spoken out against the need for additional capital. They have also rejected criticism that the combined UBS and Credit Suisse is too big for the Swiss economy.
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