Finance
UBS told to tone down lobbying in dispute with Swiss government, FT reports
Published by Global Banking & Finance Review®
Posted on March 3, 2026
2 min readLast updated: March 3, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 3, 2026
2 min readLast updated: March 3, 2026
Swiss lawmakers have urged UBS to tone down its lobbying and lower CEO Sergio Ermotti’s public profile amid a dispute over proposed capital reforms requiring up to $24bn–$26bn in extra capital. UBS resisted, asserting the reforms are “not acceptable” and maintaining Ermotti’s leadership despite pres
March 3 (Reuters) - Swiss lawmakers have told UBS to tone down its lobbying campaign and reduce CEO Sergio Ermotti's profile in its dispute with the government over capital reforms, the Financial Times reported.
The country's largest bank has been at loggerheads with the Swiss government over the reforms - at the heart of which are proposals to make UBS fully capitalise its foreign subsidiaries - which could make it hold $24 billion in additional capital.
UBS acquired Credit Suisse after its old rival unravelled in 2023. The government then pledged to design new rules that aim to prevent a repeat of the crisis and ensure taxpayers would not be on the hook.
One person familiar with UBS's lobbying efforts told the FT that lowering Ermotti's public profile was not something the bank would consider.
Sergio P. Ermotti will remain Group CEO until at least early 2027 and it is premature to speculate about the timing of Sergio stepping down, a UBS spokesperson said in a statement to Reuters.
UBS's board of directors plans to keep Ermotti on for longer than originally planned, the Swiss newspaper Neue Zuercher Zeitung reported last month.
Ermotti, who oversaw the emergency takeover of Credit Suisse, was slated to step down by the middle of 2027, sources have said.
(Reporting by Hyunsu Yim in Barcelona and Gursimran Kaur in Bengaluru; Editing by Tom Hogue, Edwina Gibbs and Louise Heavens)
Lawmakers want UBS to reduce its lobbying and CEO Ermotti's profile amid a dispute over capital reforms that would require the bank to hold more capital.
The dispute centers on new capital reforms that could require UBS to fully capitalize its foreign subsidiaries, potentially needing $24 billion in extra capital.
UBS has been asked to lower Ermotti's public profile as part of its lobbying efforts, though the bank reportedly is not considering this step.
Stricter rules were proposed after UBS acquired Credit Suisse in 2023 to prevent future crises and protect taxpayers from similar bailouts.
Reports suggest UBS's board plans to retain Ermotti longer than originally intended, after his key role in the Credit Suisse acquisition.
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