Switzerland had an emotional reaction to the 2023 Credit Suisse crisis, UBS CEO Sergio Ermotti said on Monday at a financial services conference in Florida, adding that current regulatory proposals to prevent a similar crash were not acceptable to the Swiss bank.
“In the last two, three years, of course, the emotions didn’t really come down,” Ermotti said. “It’s good that the Parliament is now looking at this matter less emotionally.”
The bank would get more clarity about the upcoming regulation in the next two to three months, Ermotti added, reiterating that UBS aimed to remain a global bank based in Switzerland.
“Redomiciliation… It’s definitely not something that we are now focusing on,” he said.
In the United States, UBS had been anticipating headwinds on flows, Ermotti said, after outflows from the bank’s U.S. wealth management business overshadowed forecast-beating profits last week.
“We have been willing to sacrifice growth for efficiencies,” Ermotti said, adding the bank’s U.S. strategy was a medium- to long-term one that involved restoring ‘appropriate’ levels of profitability.
(Reporting by Ariane Luthi)
