UBS CEO Says Swiss Capital Plan Poses Risk of Overreaction
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UBS Group AG Chief Executive Officer Sergio Ermotti said the bank is pushing back against the Swiss government’s proposals to make it hold substantially more capital, arguing that the design of new rules is over the top and will hurt competitiveness.
The requirement to maintain 100% backing of its foreign units would be “an extreme overreaction that will not really help foster Switzerland as a leading financial center,” Ermotti said in an interview with Bloomberg News Editor-in-Chief John Micklethwait in Davos on Tuesday.