Now, the giant Swiss lender is hitting back, saying its finances are robust and warning that the proposal could harm Switzerland’s standing as a global financial center.
“There can be no regulatory solution for a broken business model,” he continued, referring to Credit Suisse.
UBS bought its stricken rival last March in a government-orchestrated rescue aimed at preventing a global financial crisis.
It was not too-low capital requirements that forced Credit Suisse into the historic weekend rescue,” he added.
But that leaves the stock more vulnerable to declines as a result of “execution risk in the Credit Suisse integration,” suggested Citi analyst Andrew Coombs.
Persons:
London CNN —, Colm Kelleher, “, ”, Kelleher, Pascal Mora, Karin Keller, Keller Sutter, Anke, Andrew Coombs, ” Kelleher, Sergio Ermotti’s, Ermotti
Organizations:
London CNN, Credit Suisse, UBS, Bloomberg, Getty, RBC Capital Markets, Citi, Reuters
Locations:
Swiss, Switzerland, Europe