UBS Sees $4 Billion Capital Impact From Swiss Executive Order

UBS Group AG estimated that the now-decided element of new Swiss banking rules will reduce company-wide CET1 capital by $4 billion once fully implemented, as it renewed its critique of the overall reform package.

“UBS continues to strongly disagree with the proposed package, which is extreme, lacks international alignment and disregards concerns expressed by the majority of respondents to the government’s consultations,” it said in a statement shortly after the government published the announcement. “If adopted, the proposed measures would have far-reaching consequences for the Swiss economy.”