Swiss lawmakers are set to balance financial stability with the vital element of competitiveness as they formulate new capital regulations for major banks, according to UBS CEO Sergio Ermotti. Speaking at the Point Zero Forum in Zurich on Wednesday, Mr Ermotti emphasised that maintaining a competitive financial sector is crucial for job creation and for Switzerland to retain its standing as a global and vibrant financial hub. UBS is a prominent global financial services company. It offers a comprehensive suite of banking, wealth management, and asset management services to a diverse clientele worldwide.
Mr Ermotti stated that the political process and parliament would approach the task with a “cool head,” prioritising both financial stability and the imperative of competitiveness. He underscored that “without competitiveness, we will not maintain Switzerland as a global and vibrant financial centre in the world.” His remarks highlighted the delicate balance Swiss authorities aim to strike between robust oversight and fostering an environment conducive to economic growth and employment within the banking sector.
Further into his address, Mr Ermotti also delved into the transformative impact of artificial intelligence on the banking industry. He revealed that UBS already employs hundreds of AI agents and applications within its operations. While acknowledging AI’s efficiency gains, he candidly noted that “some of the jobs that we have in banking and finance will probably disappear, or you’re going to need less people to do the same job.” He concluded by stressing that job recreation hinges on sustained economic and organisational growth, stating, “If you don’t grow as an economy, if you don’t grow as an organization, you won’t be able to recreate jobs.”
