The threat by UBS to move its base to the United States wouldn’t be welcome – but wouldn’t be catastrophic, says a former bank regulator.
UBS says it’s looking at the US to escape proposed new capital requirements being drawn up in Bern.
Daniel Zuberbühler, in an interview with the Blick, says the profitable parts of the business would remain in Switzerland - but it will mean the loss of thousands of jobs at the HQ.
But the US would have to take responsibility for the bank and if it needed a bail out, that would be down to the US.
But Swiss based customers are furious. In the same paper, many say they will withdraw their money and move it to the cantonal bank system.
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