Swiss lawmakers have urged UBS to scale back its lobbying over proposed capital reforms and lower the public profile of chief executive Sergio Ermotti, as the bank\u2019s dispute with the government intensifies ahead of changes that could require up to $26 billion in additional capital.<\/p>\n
According to the Financial Times, members of parliament have privately warned Switzerland\u2019s largest lender that its campaign risks hardening political opposition. \u201cA large part of parliament actually agrees with the bank [on a key point of contention] but we have told them that their lobbying and particularly statements by Ermotti are not helpful right now,\u201d one lawmaker told the FT. Another parliamentarian said they had advised the bank to \u201creconsider its lobbying campaign\u201d.<\/p>\n
The dispute centres on plans that could force UBS to fully capitalise its foreign subsidiaries following its state-backed takeover of Credit Suisse in 2023. The reforms form part of a broader effort by the Swiss government to prevent a repeat of the crisis that led to Credit Suisse\u2019s collapse and to shield taxpayers from future bailouts.<\/p>\n
Reuters reported that one person familiar with UBS\u2019s lobbying efforts said reducing Ermotti\u2019s public profile was not something the bank would consider. In a statement to Reuters, a UBS spokesperson said Ermotti would \u201cremain Group CEO until at least early 2027\u201d and that \u201cit is premature to speculate about the timing of Sergio stepping down\u201d.<\/p>\n