UBS Departure Still Possible Despite CEO’s Remarks, Report Finds
ZURICH – Recent statements by UBS CEO Sergio Ermotti regarding the bank’s future in Switzerland have been widely misinterpreted, according to a report by “Switzerland at the Weekend.” While headlines proclaimed Ermotti’s assurance that UBS had “never, never” threatened to leave the country, the report clarifies that Ermotti refuted the threat of departure, not the possibility of relocation itself.
The confusion stems from Ermotti’s dismissal of claims UBS was actively threatening to leave as “bullshit” during a public appearance. This sparked immediate reactions, with many outlets reporting a definitive commitment from UBS to remain in Switzerland.
However, sources within UBS’s leadership confirm to “switzerland at the Weekend” that a departure remains a significant possibility – at least 50 percent – if planned regulations proposed by Finance Minister Karin Keller-Sutter are approved by Parliament.
The report highlights a pattern of miscommunication where warnings about potential economic consequences are often framed as “threats” or “blackmail,” stifling productive debate. It also notes a history of past corporate warnings, such as those surrounding the referendum on Thomas Minder’s rip-off initiative, which ultimately did not result in companies relocating despite prior declarations.
The situation surrounding UBS regulation, and the potential impact on its headquarters, will be closely watched in the coming months as politicians and voters decide whether to view the possibility of relocation as a bluff or a genuine concern for Switzerland’s economic future. The issue is further complex by ongoing considerations related to the US customs deal and EU treaties.
