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.
UBS did not immediately respond to a request for comment. Reuters could not immediately verify the report.
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; Editing by Tom Hogue and Edwina Gibbs)