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UBS CEO Says He Feels a ‘Biting Headwind’ From Swiss Regulators

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UBS CEO Feels 'Biting Headwind' of Swiss Regulators
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UBS Group AG Chief Executive Officer Sergio Ermotti attacked Switzerland’s banking regulators, saying that a discussion around too-big-to-fail rules has been set off by local authorities who are trying too hard.

With the financial crisis almost a decade behind, a continued “biting headwind” of new rules set by financial watchdog Finma and other regulators is a drag on profitability, he said.