UBS and Karin Keller-Sutter clash over lobbying

Context

In brief

• UBS reports net profit of over 3 billion dollars in the first quarter of 2026
• Keller-Sutter accuses UBS of aggressive lobbying
• Ermotti denies pressuring parliamentarians

Key facts

• What: Clash between UBS and Karin Keller-Sutter over lobbying
• When: April 29, 2026
• Where: Switzerland
• Who: UBS, Karin Keller-Sutter, Sergio Ermotti, Thomas Matter, Alex Farinelli
• Amount: UBS net profit >3 billion dollars
• Amount: UBS own capital coverage: 20 billion dollars

The political discussion on the own capital of systemically important banks has seen a back-and-forth between UBS and the Swiss government. UBS CEO Sergio Ermotti opposes some conditions proposed by the Federal Council to prevent another Credit Suisse case. Federal Councillor Karin Keller-Sutter, head of the Finance Department, spoke of a massive and unprecedented lobbying operation by the bank, especially towards Parliament, to the point of intimidating some deputies. But Ermotti disputes the claims, and denials also come from Parliament.

Karin Keller-Sutter had thrown the first stone in the pond last Saturday on SRF, speaking of an "un-Swiss" attitude. "It is absolutely legitimate for a company to represent its own interests - added the head of the Finance Department - but to exert such personalized pressures both on parliamentarians and on federal councillors is something new." The new rule proposed by the Federal Council provides for systemically important banks to fully cover participations in foreign branches with own capital. A coverage that for UBS should thus amount to a total of twenty billion dollars (nine more than today, says the government), with a consequent significant "loss of competitiveness," says Ermotti, such as to reflect on the presence of UBS itself in Switzerland.

A second stone Keller-Sutter then threw on Tuesday, in the columns of Blick, stating that in the context of this hard lobbying operation some parliamentarians would now be afraid of seeing UBS donations to their parties reduced. Today, Wednesday, Sergio Ermotti's response came through Bloomberg: "We are not doing aggressive lobbying, we are simply representing interests. It is our duty and right to highlight the consequences for our shareholders, our clients and our employees in Switzerland. We try to contribute to a fact-based discussion and it has not always been so."

Perception in Parliament

And in Parliament, do deputies actually feel intimidated? Thomas Matter, UDC entrepreneur and former banker, says he does not perceive anything. PLR deputy Alex Farinelli says he has not heard of it. And he adds that any blackmail pressure from UBS would only be counterproductive. Matter then picks up the stone from the pond and throws it back into the field of Federal Councillor Keller-Sutter: "Personally, I can't even remember the last time I spoke with UBS, it must have been months ago. And I find it interesting to talk about deputies bowing or being intimidated, when the dossier has not yet been dealt with by the chambers. Claiming that there is fear... I find it ridiculous." The Centre, in an official statement sent to Blick, states that it does not feel any pressure from UBS, while the co-president of the PS Cédric Wermuth says he is alarmed by Keller-Sutter's statements. From the PLR, off the record, someone actually acknowledges that the pressure is strong, and who says that the veiled threats do not result but cannot be excluded.

Implications for cross-border workers

The tensions between UBS and the Swiss government could also have repercussions for cross-border workers working in the banking sector in Ticino. UBS's threat to reflect on its presence in Switzerland could lead to significant changes in the local labor market. Cross-border workers working for UBS could find themselves facing scenarios of uncertainty, with possible repercussions on their employment and career prospects. Furthermore, the new rules on own capital could influence the stability and competitiveness of Swiss banks, with indirect consequences also for cross-border workers.

Operational details

Analysis of Practical Implications

The statements by Karin Keller-Sutter and the response from Sergio Ermotti raise important questions about the role of lobbying in the Swiss political decision-making process. The discussion on the own funds of systemically important banks is crucial for the stability of the Swiss financial system and could have significant implications for cross-border workers in the banking sector.

Comparison with the Previous Situation

Before the new proposals from the Federal Council, systemically important banks like UBS operated with less stringent own funds requirements. The new rules, which provide for full coverage of participations in foreign branches, represent a significant change from the past. This could influence the competitiveness of Swiss banks internationally and, consequently, the local job market.

Possible Scenarios

If UBS were to reduce its presence in Switzerland, cross-border workers employed by the bank could face significant challenges. Internal adjustments may be necessary, with possible layoffs or transfers. Furthermore, the new rules could lead to increased regulation and control over banking activities, indirectly affecting cross-border workers in other financial sectors as well.

Comparison with Other Banks

Systemically important banks in Switzerland, such as UBS and Credit Suisse, are subject to stricter rules compared to other financial institutions. This could create a competitive gap between large banks and regional banks, influencing the job market and opportunities for cross-border workers. Regional banks could benefit from greater operational flexibility, attracting talent and investments.

Tax Implications

The new rules on own funds could have tax implications for cross-border workers in the banking sector. Banks may need to adjust their tax strategies to comply with the new requirements, with possible repercussions on remuneration policies and benefits offered to employees. Cross-border workers should be aware of these possible changes and prepare for potential changes in their working conditions.

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Key points

What cross-border workers should do

Cross-border workers employed in the banking sector in Ticino should closely monitor the developments in the discussion on the own funds of systemically important banks. It is important to stay informed about the new rules and their implications for the local job market. Additionally, cross-border workers should consider diversifying their skills and exploring job opportunities in other financial sectors or regional banks.

Step-by-step procedure

1. Monitor developments: Follow news and updates on the new own funds rules and decisions by the Federal Council. 2. Consult employers: Talk to your superiors and HR managers to understand how the new rules might affect your employment. 3. Diversify skills: Consider taking training courses or obtaining certifications to improve your skills and increase job opportunities. 4. Explore new opportunities: Evaluate the possibility of working in other banks or financial sectors to reduce the risk of layoffs or transfers. 5. Prepare for tax changes: Consult a tax advisor to understand how the new rules might affect your tax situation and prepare for any changes.

Useful tools

For cross-border workers who want to stay informed and prepare for possible changes, it is useful to use tools such as the salary calculator and the permit comparator. These tools can help you evaluate your options and plan your professional future.

Conclusion

The tensions between UBS and the Swiss government represent a challenge for cross-border workers employed in the banking sector in Ticino. It is important to stay informed, monitor developments, and prepare for any changes. By using the available tools and following the indicated procedures, cross-border workers can face future challenges with greater confidence.

Source: rsi.ch