⏱ 1 min 30 read
Background
In September 2026, the Council of States voted for 90 % coverage of UBS's foreign subsidiaries with hard core capital. Current coverage is around 45%. The National Council has yet to decide.
The key points
On Wednesday 28 October 2026, in a call with analysts, UBS CEO Sergio Ermotti hardened his tone, Bloomberg reported, as cited by the Tribune de Genève and Blick. He raised more explicitly than ever the possibility of the bank moving abroad.
UBS is assessing the long-term consequences for its competitiveness from Switzerland. According to Bloomberg, two major shareholders, Artisan Partners and Cevian, are encouraging the bank to look at solutions abroad. Some at UBS reportedly see a merger with Morgan Stanley or another US bank as an option. There is no indication that such a deal is under way.
The same day, UBS published quarterly results up year on year, according to Blick.
Key figures
- 90 % : coverage of foreign subsidiaries sought by the Council of States
- Around 45% : current coverage
What it means for businesses
- Swiss financial centre : according to UBS management, overly strict requirements would weigh on its attractiveness.
- UBS : the bank must convince the National Council to soften the Council of States' decision.
Who says what
- Sergio Ermotti (CEO of UBS): “a Swiss passport is no longer enough today”.
- Sergio Ermotti, quoted by Blick: the Council of States' outcome is “very worrying”.
What's next
- Vote by the National Council on capital requirements.
Further reading
Sources
- Tribune de Genève – Sergio Ermotti: «Having the Swiss passport no longer suffices to convince us»
- Blick – UBS: Sergio Ermotti raises the tone in response to Bern
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