UBS CEO Sergio Ermotti Accuses Swiss Regulators of Blocking Credit Suisse Lessons

In Switzerland, UBS CEO Sergio Ermotti has intensified his criticism of Swiss authorities in the debate over banking regulation. In an interview with NZZ, he accused the Swiss National Bank, FINMA, and the finance department of not wanting to learn from the Credit Suisse collapse. His remarks drew sharp reactions from Swiss senators, who criticized his tone and lobbying. Meanwhile, a compromise proposal by Senator Peter Hegglin to require 90% capital backing for UBS foreign units instead of 100% has gained support from wealth manager Pirmin Hotz, who also dismissed a comparison made in a TV show as nonsense.