Regulatory Handcuffs Will 'Kill 30% Of Swiss Banks'

Regulatory Handcuffs Will ‘Kill 30% Of Swiss Banks’ by Matthew Allen, SwissInfo.ch

Up to 30% of Swiss banks will be smothered to death under the weight of increasingly draconian regulations within the next five years, UBS bank’s chief executive Sergio Ermotti has warned at a financial industry conference in Bern.

Every year, regulations drain the Swiss economy of 10% of its gross domestic product (GDP) – or CHF60 billion ($61.5 billion) – Ermotti said. Since the 2008 financial crisis, the financial industry has borne the brunt of new regulations, both in Switzerland and in other countries.

“Switzerland can no longer afford this if it wants to remain competitive,” he told delegates at the Swiss International Finance Forum, hosted by the...