UBS Group AG chief executive officer Sergio Ermotti has said that he is largely in favour of a plan for Switzerland to reform its financial system as the country continues to work through the consequences of last year’s crisis at Credit Suisse.

“We support most of the reform measures that have been proposed by the Federal Council and regulatory authorities,” Ermotti said at an event in Lucerne on Tuesday. That’s “despite the fact that the regulatory framework is already one of the world’s strictest”, he added.

UBS would face sharply higher capital requirements should the Swiss government adopt a proposal to tighten rules around foreign subsidiaries. Ermotti has criticised regulators, including Switzerland’s Finma, for failing to prevent the collapse of confidence at Credit Suisse. At the same time, he’s argued that stricter capital rules are not the best response.

“We have to learn the right lessons from the events of March 2023,” Ermotti said at an event in Lucerne, Switzerland on Tuesday. “That goes for all that were involved in the leadership and oversight of Credit Suisse over the years.”

  - Bloomberg