Navigation

Skiplink Navigation

Main Features

UBS chief sees "economic warfare" against banks

The chief executive of Switzerland’s leading UBS bank, Sergio Ermotti, says the attacks on the country’s banking secrecy law amount to “economic warfare”.

He accused foreign business competitors and politicians of undermining Switzerland’s finance industry over the past four years.

“Their aim is to weaken Switzerland’s two internationally successful banks,” he said in an interview with the SonntagsZeitung newspaper.

He said rival financial centres in Europe and the United States were hoping to win additional market shares from the Swiss banks which have SFr2.2 trillion ($2.4 trillion) of assets under management.

Ermotti said Switzerland had already made many political concessions which would lead to about 20,000 jobs losses in the banking industry over the next few years.

He added that the policy and regulatory changes, approved by parliament, had been pushed through in a hurry.

Ermotti’s statements echo similar accusations by his predecessor, Oswald Grübel, earlier this month.

swissinfo.ch and agencies


Links

Neuer Inhalt

Horizontal Line


subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.







Click here to see more newsletters

swissinfo EN

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

Join us on Facebook!

×