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UBS Executive Board Chairman Sergio Ermotti has firmly opposed stricter capital requirements, asserting that current regulations are sufficient. He emphasized UBS's capital strength demonstrated by its acquisition of Credit Suisse and criticized proposals for systemically important banks to hold 100% equity for foreign subsidiaries as excessive. Ermotti highlighted the importance of maintaining Switzerland's competitive financial center while acknowledging the challenging macroeconomic outlook.
The closure of the former Credit Suisse headquarters in Chiasso has sparked a proposal to transform the building into the new home for Ticino's Palace of Justice. City officials have initiated a petition urging the Council of State to consider this option, highlighting the building's strategic location and recent renovations. With an estimated market price of 20 to 30 million francs, the acquisition is seen as a more efficient use of resources compared to a rejected offer for a Lugano property.
Europe's banks are initiating significant job cuts as they face a challenging economic landscape, with Deutsche Bank and HSBC leading the charge. The moves aim to enhance profitability amid stagnant growth and increased competition from US banks, which are thriving under a pro-business administration. While some banks plan to raise bonuses, the overall trend indicates a shift in focus towards more profitable regions, particularly Asia and the Middle East.
As of February 3, 2024, Credit Suisse employees in Chiasso and Locarno will transition to UBS following UBS's acquisition of Credit Suisse. This integration marks a significant restructuring in the Swiss banking industry, offering employees new professional development opportunities while requiring adaptation to UBS's corporate culture and procedures. Clients will also experience changes in service delivery as operations shift to UBS.
UBS continues the integration of Credit Suisse, with the Chiasso and Locarno branches consolidating on Monday. Chiasso will employ around 100 staff, while Locarno will have about 50. Regional director Luca Pedrotti emphasized that this move strengthens the bank's commitment to clients and enhances service efficiency. Both branches will offer a comprehensive range of banking services, including financial advice and wealth management, with 24/7 access to automated machines.
Starting February 3, UBS will integrate Credit Suisse's Chiasso and Locarno branches into its own, enhancing client services and operational efficiency. The UBS branches will undergo technical upgrades and will continue to offer a full range of banking services, employing around 150 staff combined. Regional director Luca Pedrotti emphasized the importance of this consolidation in strengthening the bank's presence in the region.
UBS CEO Sergio Ermotti stated that current capital requirements are sufficient and criticized proposals for stricter regulations, particularly the suggestion that Swiss banks must back foreign investments with 100% equity. He emphasized the importance of maintaining UBS's competitiveness and highlighted the successful integration of Credit Suisse clients, with a focus on the upcoming transition in Switzerland. The bank aims to save $13 billion by 2026, having already saved $7.5 billion.
UBS CEO Sergio Ermotti criticized proposed higher capital requirements at the FuW "Vision Bank" conference, arguing they would harm the bank's profitability and competitiveness. He rejected the notion of compensating for a state-backed liquidity aid, emphasizing that UBS's current capitalization is sufficient. Additionally, he noted that increased capital could lead to higher costs for mortgages and corporate loans in Switzerland.
UBS CEO Sergio Ermotti warned that higher capital requirements for the bank would lead to increased costs for companies and households. Speaking in Zurich, he urged regulators to maintain current capital standards, arguing that UBS's ability to rescue Credit Suisse demonstrates the adequacy of existing regulations. He emphasized the need for a cost-benefit analysis and transparency in regulatory discussions to ensure Switzerland remains a competitive financial center.
UBS CEO Sergio Ermotti warned that tighter capital requirements for the bank would lead to increased costs for businesses and households. Speaking in Zurich, he urged regulators to maintain current capital standards, arguing that UBS's ability to rescue Credit Suisse demonstrates the sufficiency of existing regulations. He also emphasized that higher capital demands for foreign subsidiaries could undermine Switzerland's status as a leading financial center.
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ubs chairman opposes stricter capital requirements amid regulatory discussions
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