Follow-Up: Bank Employees Warn Up to 12,000 Swiss UBS Jobs at Risk if Capital Rules Force Relocation
As many as 10,000 to 12,000 of UBS's roughly 34,000 jobs in Switzerland could be at risk if tougher capital rules prompt the bank to relocate, sell itself or merge, the Swiss Bank Employees Association (SBPV) warned in a letter to lawmakers, Reuters reported on October 25, citing NZZ am Sonntag. The figure comes on top of cuts already under way as UBS completes its integration of Credit Suisse. The association called for a "viable compromise", saying stricter requirements could call into question UBS remaining based in Switzerland.
At issue is how much capital UBS must hold against its foreign subsidiaries. The current requirement is about 60%, partly met with cheaper capital. The Federal Council proposed 100%, estimating about $20 billion of additional core capital; on September 23 the upper house voted 29 to 16 for a 90% common equity tier-one requirement, which UBS estimates at about $16 billion more. The bill now goes to the lower house, whose economic affairs committee is set to discuss it on October 26; a final decision could come at the end of 2026 at the earliest, more likely in 2027, and a referendum is possible.
UBS chairman Colm Kelleher has warned that unduly harsh rules could force the bank to reconsider its future in Switzerland. U.S. investor Artisan Partners has publicly urged UBS to leave, calling the proposed requirements excessive and punitive, and sources say the bank is drafting contingency plans including shifting its headquarters, acquiring a U.S. institution or merging with a European rival. UBS says its goal is to continue operating successfully from Switzerland.
Source: GSM · USA (original Chinese edition)
Photo: 图：瑞银在苏黎世的一处网点。图片：Ank Kumar / Wikimedia Commons，CC BY-SA 4.0
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- 2026-10-25Follow-Up: Bank Employees Warn Up to 12,000 Swiss UBS Jobs at Risk if Capital Rules Force RelocationThis story
