In banking, Switzerland can't afford 'model pupil syndrome', says UBS CEO

For UBS Group CEO Sergio Ermotti, competition between banks in Switzerland will continue even following the takeover of rival Credit Suisse. He rejects calls for stricter regulation of the financial sector in Switzerland. + Get the most important news from Switzerland in your inbox In an interview with Migros Magazine published on Monday, Ermotti said fears that UBS would be the only major bank left able to dictate terms to Swiss businesses were unfounded. "There are more than 200 domestic and foreign banks in Switzerland," he said. "Competition is at play." The UBS boss also considers a general tightening of banking regulation to be dangerous: "We support many of the proposed measures, but they must be targeted and proportionate," he said. Switzerland, added Ermotti, cannot afford to fall back into a "model pupil syndrome" and introduce rules that other countries do not have. This, he said, would weaken the domestic financial centre. + Swiss regulator tells UBS to strengthen its ...