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UBS Group AG is considering relocating its headquarters if Switzerland mandates an additional $25 billion in capital requirements, which could raise its capital ratio to around 20% from 14%. The Swiss government is tightening banking regulations following the collapse of Credit Suisse, which UBS acquired. Despite this, CEO Sergio Ermotti has downplayed the likelihood of moving from Switzerland.
UBS is reportedly contemplating relocating its headquarters from Switzerland due to the Swiss government's demand for an additional 25 billion francs in equity capital following the Credit Suisse takeover. The bank argues that such a capital increase, potentially raising its core capital ratio from 14% to 20%, would hinder its competitiveness against foreign banks. CEO Sergio Ermotti emphasized the importance of "Swissness" to UBS's success, asserting the bank's desire to remain operational in Switzerland despite the pressures from authorities and shareholders.
UBS is reportedly considering relocating its headquarters from Switzerland due to the government's demand for increased equity capital, which could cost the bank up to 25 billion francs. Executives fear that a rise in the core capital ratio to around 20 percent could hinder competitiveness against global rivals. CEO Sergio Ermotti previously stated that relocation was "not an issue" for him.
UBS is contemplating relocating its headquarters if Switzerland enforces a $25 billion capital increase, viewing the demand as an excessive reaction to the Credit Suisse collapse. The bank argues that such a requirement would hinder its competitiveness against global rivals. UBS is currently lobbying against the proposal, which is set to be discussed in the Swiss parliament, with potential changes not expected before 2028.
UBS Group AG is considering relocating its headquarters if Switzerland mandates an additional $25 billion in capital requirements, which could raise its capital ratio to around 20% from 14%. The Swiss government is tightening banking regulations following the 2023 Credit Suisse collapse, which UBS acquired. Despite this, CEO Sergio Ermotti has downplayed the likelihood of moving from Switzerland.
UBS Group is considering relocating its headquarters if Switzerland maintains a requirement for the bank to hold an additional $25 billion in capital. The bank is ramping up its lobbying efforts but has met with little enthusiasm regarding a proposal from the Swiss financial regulator to phase in changes over several years. UBS has not disclosed potential alternative locations for its headquarters.
UBS CEO Sergio Ermotti announced plans to enhance client retention in the U.S. by "institutionalizing" relationships through banking product sales, as current retention rates lag behind other regions. The firm aims to diversify offerings and improve profitability while acknowledging the challenges posed by the U.S. business model, which grants individual advisors more control. UBS is also pursuing a national banking charter to expand its product range and has adjusted advisor compensation to incentivize sales of credit and banking services.
"Game Over - The Fall of Credit Suisse," a documentary by Arthur Rutishauser, chronicles the bank's decline from the Chiasso scandal in 1977 to its eventual collapse, highlighting the impact on employees and the Mozambican community affected by the tuna bonds fiasco. The film features interviews with key figures and critiques the bank's culture of excessive bonuses and lack of accountability among its executives. Set for release on March 27, it aims to shed light on the turbulent history of this once-prominent Swiss institution.
Stefan Walter, director of FINMA, indicated that the capital strengthening of UBS may be implemented in stages over several years, emphasizing the importance of proper solutions over rushed decisions. He affirmed that UBS should not expect leniency regarding the full capital support for its foreign subsidiaries, a point of contention for bank executives. Walter also noted that Switzerland's adherence to Basel III regulations is beneficial for its economy, asserting that UBS is not over-regulated compared to global standards.
"Game Over," a film about the collapse of Credit Suisse, premiered in Zurich, showcasing the dramatic downfall of the bank and its executives. While the movie highlights the greed and mismanagement of CS leaders, it leaves unanswered questions about the lack of accountability and the role of Swiss authorities during the crisis. The film, financed by Netflix, combines thrilling historical insights with a critique of the banking sector, yet rushes through key events leading to CS's demise.
Sergio Ermotti
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