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People walk past the headquarters of Swiss bank UBS in Zurich April 30, 2013. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing Rights
ZURICH, Nov 22 (Reuters) – UBS is one of the world’s safest large institutions, the Swiss bank’s CEO said while speaking at a Swiss Risk Association event on Wednesday.
“Even in the unlikely event of something going wrong at UBS, we have enough cushion before even speaking about a resolution of the bank and its very unlikely risk of a loss for the taxpayer,” Sergio Ermotti said.
Would UBS need to be rescued, Ermotti said a private buyer would continue to be preferable.
“Of course, this would likely entail an international buyer.”
The head of Switzerland’s largest bank also advocated for certain regulatory improvements including strengthening the tools for early intervention by supervisors.
Switzerland should consider a more explicit set of senior management responsibilities similar to those in the UK, Ermotti said, and internationally the liquidity framework must be adjusted for the era of digital banking.
Reporting by Noele Illien; editing by Jonathan Oatis
Our Standards: The Thomson Reuters Trust Principles.
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