UBS Relocation Threatens 12000 Swiss Jobs
An employee association warns that tougher capital rules could force UBS to relocate, putting up to 12000 Swiss jobs at risk. The union urges lawmakers to find a viable compromise as parliament debates new requirements for foreign subsidiaries.
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Up to 12,000 jobs at UBS GROUP AG-REG in Switzerland could be lost if tougher capital rules force the lender to relocate, the Swiss Bank Employees Association said. The warning follows prior staff reductions linked to the bank's integration of Credit Suisse. Lawmakers are weighing higher capital requirements that have sparked debate over the bank's long-term future in the country.
