Swiss Finance Minister Rejects Meeting with UBS CEO,Signaling Growing Tension
Zurich,Switzerland – A clear message has been sent from the Swiss government to UBS CEO Sergio Ermotti: his attempts to influence policy are not welcome. Finance Minister Karin Keller-Sutter (KKS) has reportedly declined a meeting with Ermotti, signaling a deepening rift between the Bundeshaus (Swiss Parliament) and Paradeplatz (Zurich’s financial district).
According to reports from Blick, Ermotti expressed readiness to meet with Keller-Sutter, only to be rebuffed. Sources suggest the Finance Minister ”saw through” the UBS boss’s intentions and is unwilling to be swayed by his lobbying efforts.
The tension stems from Keller-Sutter’s perceived resistance to providing further capital during the 2022 rescue of Credit Suisse by UBS. While UBS acquired the entirety of Credit Suisse – a move described by some as a ”gift” - Keller-Sutter has apparently refused to offer additional financial support,reportedly 25 billion,beyond the initial deal.
Critics argue that Ermotti has since focused on maximizing profits at the expense of the Swiss financial landscape. Accusations include dismantling the Credit Suisse brand, weakening the Swiss Franc unit, and negatively impacting corporate clients.Concerns are also rising over high interest rates impacting SMEs and debtors, and the planned closure of the popular CSX mobile banking app.
“[Ermotti] no longer understands the world. How dose it get to drive to my carts?” Blick quoted sources as saying,describing an “Ice Age” between the government and the financial sector.
Keller-Sutter’s stance reflects a broader concern about UBS’s ambitions to expand its presence on Wall Street, a pursuit that has historically resulted in substantial losses for the bank – estimated at hundreds of millions of US/UK dollars as the 1990s, according to Inside Paradeplatz. She appears determined to protect Switzerland from the risks associated with such aggressive international expansion.
The rejection of a meeting underscores a growing perception that UBS is prioritizing its own interests over the stability of the Swiss financial system. Keller-Sutter’s firm position suggests she is prepared to challenge the powerful bank and safeguard the nation’s economic future.
Keywords: UBS, Sergio Ermotti, Karin keller-Sutter, Switzerland, Credit Suisse, Finance Minister, Banking, Financial crisis, Wall Street, Swiss Franc, CSX, Blick, Inside Paradeplatz.
