UBS (UBS) CEO Sergio Ermotti said that Switzerland should not establish rules for its banking sector that put the country at a competitive disadvantage, Reuters’ Ariane Luthi reports. “Switzerland can’t afford to fall back into a ‘model student syndrome’ and introduce rules that don’t apply in other countries,” Ermotti told Migros-Magazin, a weekly Swiss publication. Swiss authorities are slated in the coming weeks to propose stricter banking rules that seek to prevent a repeat of the 2023 collapse of Credit Suisse, the author notes.
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