UBS told to tone down lobbying in dispute with Swiss government, FT reports
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Swiss lawmakers have urged UBS to reduce its lobbying efforts and CEO Sergio Ermotti's public profile amid a dispute with the government over capital reforms. The reforms could require UBS to hold an additional $24 billion in capital for its foreign subsidiaries. UBS, which acquired Credit Suisse in 2023, is at odds with the government over these new rules designed to prevent future crises. Despite the pressure, UBS is reportedly not considering lowering Ermotti's profile, and plans to extend his tenure beyond 2027.
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