March 3 (Reuters) – Swiss lawmakers have told UBS to tone down its lobbying campaign and \u200creduce CEO Sergio Ermotti’s profile in its \u200cdispute with the government over capital reforms, the Financial Times reported.<\/p>\n
The \u200bcountry’s largest bank has been at loggerheads with the Swiss government over the reforms – at the heart of which are proposals to make UBS fully \u200ccapitalise its foreign subsidiaries – \u2060which could make it hold $24 billion in additional capital.<\/p>\n
UBS acquired Credit Suisse after \u2060its old rival unravelled in 2023. The government then pledged to design new rules that aim to \u200bprevent a \u200brepeat of the crisis \u200band ensure taxpayers would \u200cnot be on the hook.<\/p>\n
One person familiar with UBS’s lobbying efforts told the FT that lowering Ermotti’s public profile was not something the bank would consider.<\/p>\n
UBS did not immediately respond to a request \u200cfor comment. Reuters could not \u200bimmediately verify the report.<\/p>\n
UBS’s board \u200bof directors plans \u200bto keep Ermotti on for longer than \u200coriginally planned, the Swiss newspaper \u200bNeue Zuercher \u200bZeitung reported last month.<\/p>\n
Ermotti, who oversaw the emergency takeover of Credit Suisse, was slated to \u200bstep down by \u200cthe middle of 2027, sources have said.<\/p>\n
(Reporting \u200bby Hyunsu Yim in Barcelona; Editing by Tom \u200bHogue and Edwina Gibbs)<\/p>\n","protected":false},"excerpt":{"rendered":"March 3 (Reuters) – Swiss lawmakers have told UBS to tone down its lobbying campaign and \u200creduce CEO…\n","protected":false},"author":2,"featured_media":23686,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[129],"tags":[1548,1549,906,15115,223],"class_list":{"0":"post-23685","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ubs","8":"tag-credit-suisse","9":"tag-sergio-ermotti","10":"tag-swiss-government","11":"tag-the-government","12":"tag-ubs"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/23685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=23685"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/23685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/23686"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=23685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=23685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=23685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}