UBS, SocGen CEOs Warn Regulators to Avoid Climate Overreach

The chief executive officers of two major European banks warned against over-zealous regulators who may want to dictate how lenders pursue the transition to a carbon neutral economy, arguing that broader legitimation is needed first.

“Banks are facilitators between savers and investors,” UBS Group AG Chief Executive Officer Sergio Ermotti said Wednesday on a panel at the World Economic Forum in Davos. “Trying to enforce a political agenda through a regulatory regime without having a public and democratic debate about it is wrong.”