UBS Finds Scapegoat for Underperfomance, New Swiss Capital rules
UBS underperformance has been seeking a scapegoat for several years. Originally it was the CS merger, then it was the number of MDs it needed to hire, then it was that all the CS and UBS juniors were incompetent, yet the underperformance has continued. New Swiss capital rules are set to be the next item on a running list of excuses.
FT Times:
Swiss lawmakers back tougher bank capital rules in blow to UBS
Swiss lawmakers have rejected a key compromise proposal to water down new capital requirements for UBS, dealing a blow to the country’s biggest lender in its long-running battle with the government. The upper house of the Swiss parliament on Wednesday instead backed a plan requiring UBS to cover 90 per cent of the value of its foreign subsidiaries with common equity tier one (CET1) capital — the most expensive form of bank capital.
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