INTERVIEW - "It's about more than UBS, it's about Switzerland," says UBS CEO Sergio Ermotti ahead of the showdown in Bern
On Wednesday, the Council of States will vote on how much capital UBS must hold in the future. For the large bank, the capital question marks a turning point. The CEO Sergio Ermotti is all the more alarmed about the arguments being used in the debate. In an interview with the NZZ, he tries to provide clarity.
UBS CEO Sergio Ermotti has spoken out about the bank's capital requirements, which are set to be debated by the Swiss Ständerat on Wednesday. Ermotti warns that if the proposals go through, the bank would have to hold 90 or 100 percent of hard core capital for its foreign subsidiaries, which he believes is not targeted, proportional or internationally aligned.
He argues that this regulation does not address the causes of the Credit Suisse crisis and that the UBS has already helped to solve the problem by taking part in the rescue. Ermotti also expresses concern that the authorities' representations are sometimes shortened and misleading.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
