UBS chief Sergio Ermotti criticises Swiss regulators over Credit Suisse
UBS chief executive Sergio Ermotti has lambasted Swiss authorities for allowing Credit Suisse to fail, as his bank fights back against growing calls within the country to increase UBS’s capital requirements. Ermotti, who was brought back to UBS just days after its state-orchestrated rescue of Credit Suisse last March, criticised the oversight of the fallen bank in a speech on Wednesday. “It’s especially confusing, if not extraordinary, to see many of the people who were in charge over the years saying they did everything correctly in relation to the management and supervision of Credit Suisse,” he said at the University of Zurich. “Everyone who was involved needs to critically analyse the role they played and face up to their responsibilities. It takes courage to own up to shortcomings. But we must learn from past mistakes.” + Does Switzerland need a huge global bank? His salvo comes a day after the new head of FINMA, the Swiss financial regulator with supervisory responsibility ...