Swiss Finance Minister Karin Keller-Sutter and UK counterpart Rachel Reeves recently held a meeting in London to discuss the potential impact of Donald Trump's election victory on banking regulation.

During the meeting, they reviewed the progress of a financial services deal between Switzerland and the UK that was established last year. Both officials expressed concerns about the possibility of deregulation in the US under Trump's administration. Keller-Sutter emphasized the importance of finding a balance between competitiveness and stability in banking regulation. She also noted that the election results have already led to a surge in bank stocks as investors anticipate lower corporate taxes and deregulation.

In light of the collapse of Credit Suisse in 2023 and its subsequent acquisition by UBS, Switzerland is tightening its banking regulations. Keller-Sutter highlighted the need to closely monitor developments in the US regulatory landscape and suggested that it is premature to determine if Europe should adopt a more lenient approach to remain competitive.