The key point: UBS chief executive Sergio Ermotti told Bloomberg the bank could leave Switzerland.
The trigger
- Capital: the Council of States wants 90% capital cover for UBS’s foreign subsidiaries, against about 45% today.
- Next step: the National Council has yet to vote.
Options mentioned
- Shareholders: Artisan Partners and Cevian urge the bank to consider moving abroad.
- Merger: according to Bloomberg, some consider a tie-up with Morgan Stanley or another US bank.
Key figures
- Target cover: 90% of foreign subsidiaries.
- Current cover: about 45%.
In short
Tougher capital rules push UBS to consider moving abroad. The National Council vote will be decisive.
