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Swiss Banks Must Prepare for ‘Worst Case’ Brexit, Watchdog Says

Swiss national flags hang from retail stores in Zurich, Switzerland.
Photographer: Gianluca Colla/Bloomberg

Switzerland’s banks must prepare for a no-deal Brexit, the head of the Swiss financial regulator warned, with just weeks to go before the U.K. is set to crash out of the European Union unless it secures an agreement with the bloc.

“We are there to make sure our financial institutions are prepared for a plausible worst case,” Finma Chief Executive Officer Mark Branson said in an interview at a Bloomberg conference in Zurich on Tuesday. “Which is why already last year we were asking our financial institutions to be prepared for a hard/no deal Brexit at the first of the possible deadlines to have taken place.”