UBS chief executive Sergio Ermotti has warned that Switzerland risks being overtaken as the world’s wealth management hub if policymakers overreact to the fall of Credit Suisse.
Ermotti, who was drafted back in as head of Switzerland’s biggest lender just days after it rescued its former rival last year, said the country needed its banks to be able to compete globally.
“Hong Kong, Singapore and the US are aggressively competing, and making great progress, for the offshore wealth management crown that Switzerland holds today,” he said during a speech at Lucerne university on Tuesday evening.
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