UBS CEO Warns Against Stricter Banking Regulations

UBS Financial Services Inc. has been fined $1.1 million by FINRA for failing to comply with trade confirmation rules over a ten-year period, affecting over 330 million trade confirmations. The violations involved misleading disclosures about average trade prices, and FINRA noted that UBS did not adequately address these issues despite warnings. Meanwhile, UBS CEO Sergio Ermotti is cautioning against Switzerland's plan for stricter banking regulations, which he believes could hinder the country's financial competitiveness against global centers like London and Hong Kong. Ermotti argues that Credit Suisse's collapse was a result of its own mismanagement rather than a lack of regulatory oversight, and states that UBS's robust reserves mitigate risks to taxpayers. He emphasizes the importance of not establishing regulations that could disadvantage Swiss banks. The integration of Credit Suisse into UBS is reportedly progressing smoothly, despite challenges with IT migration.