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 UBS Battles with Swiss Authorities

UBS Battles with Swiss Authorities

by Starling Insights

Starling Insights Editorial Board

Jul 16, 2024

Observations

As reported by the Financial Times, UBS CEO Sergio Ermotti and Chair Colm Kelleher recently voiced strong criticisms targeting Switzerland's financial authorities in a company-wide staff meeting, accusing the government of punishing UBS for Credit Suisse's failure.

Ermotti reportedly labeled the collapse of Credit Suisse an "embarrassment for Switzerland" and argued that UBS should not bear the repercussions. The criticisms are the latest development in an ongoing conflict between UBS and Swiss authorities, including the Federal Department of Finance, the Swiss National Bank, and the Swiss Financial Market Supervisory Authority (Finma).

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