Bad bank blues
UBS chairman Axel Weber has been complaining about regulators during a WEF debate. The former president of the German central bank, who used to have a say on regulations, now bemoans the fragmented and piecemeal nature of the new rules.
How can UBS change its ways and adopt a new, safer and more socially friendly strategy if it has to deal with a different set of criteria in each country it does business in, he argued.
Rather than speeding bank reform, the increasingly diversified regulatory framework is bogging down change, is the gist of his argument.
We’ll see what William Black, former US financial regulator and now fierce critic of banks, has to say about that when I chat with him on Thursday.
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