UBS Group AG CEO Opposes Excessive Banking Rules

In a recent interview with Migros-Magazin, Sergio Ermotti, the CEO of UBS Group AG, expressed his opposition to extreme banking regulations. He emphasized that Swiss authorities should avoid implementing such rules, as they could potentially harm the country's banking sector.

"Switzerland cannot afford to revert to a 'model student syndrome' and enforce regulations that are not applicable in other countries," Ermotti stated. Reflecting on the Credit Suisse Group AG case, he attributed the fallout to the bank's own actions, noting that Swiss authorities allowed it to bypass existing regulations.

"Even in the event of UBS encountering issues, it is highly improbable that taxpayers would incur any losses," he added, highlighting the sufficiency of UBS' reserves.