UBS (UBS) is heading for defeat in the first round of its effort to water down a Swiss government law that could force the bank to maintain as much as $25B in extra capital, sources told Bloomberg’s Bastian Benrath-Wright. In the bill the government will propose to parliament, the bank would be required to increase its ability to cover losses at foreign subsidiaries to 100% of the capital in those units, according to two people familiar with the matter. The bank is considering its options, including potentially moving its headquarters away from Switzerland, the sources said.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UBS:
- AI Analyst Avatars are Not a ‘Parlor Game’ But Can Save Costs and Boost Service, Says UBS
- UBS in talks to compensate some clients over derivative losses, Reuters says
- UBS price target raised to CHF 32 from CHF 31 at Deutsche Bank
- UBS price target raised to CHF 28 from CHF 27 at Morgan Stanley
- UBS price target raised to CHF 26.90 from CHF 25.40 at Citi