January 2, 2025|
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|11 months agoSwiss Banking Giant UBS Rejects Stricter Regulation Calls
UBS CEO Sergio Ermotti warns against 'model pupil syndrome' in Swiss banking regulation while addressing competition concerns following Credit Suisse takeover.
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Generated IllustrationKey Takeaways
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- UBS CEO Sergio Ermotti rejects the notion that UBS dictates terms to Swiss businesses, citing active market competition.
- Ermotti warns against Switzerland adopting a 'model pupil syndrome' regarding banking regulations.
- Delays in IT migration are currently identified as the biggest challenge in the Credit Suisse integration process.
- Credit Suisse clients are currently being migrated to UBS platforms.
By The Numbers
More than 200
Number of banks
They Said
"Switzerland cannot afford to fall back into a 'model pupil syndrome' and introduce rules that other countries do not have."
"We support many of the proposed measures, but they must be targeted and proportionate."