UBS CEO pushes back against Swiss critics of bank’s size

LUCERNE, Switzerland, June 18 (Reuters) – UBS’s (UBSG.S), opens new tab CEO on Tuesday hit out at suggestions Switzerland should set tougher regulations for the bank after its 2023 takeover of Credit Suisse, saying “fear” and “populist” critics were doing down the business and the country’s own prospects.

Speaking as the government and regulators mull plans to make the bank hold more capital, UBS CEO Sergio Ermotti told an event at the Institute for Swiss Economic Policy in Lucerne that UBS was not only a major source of tax revenue for public coffers, but also a “beacon” for the Swiss finance industry.

Source: REUTER