As Switzerland gives up on the things that make it uniquely Swiss — fierce independance, refusal to play along with demands from other countries — its banks may wonder what the point of sticking around is.
And so it seems UBS, which is climing out from under a big tax evasion scandal, is apparently making noises about leaving its namesake country.
Reuters: Swiss bank UBS (UBSN.VX) is threatening to move its headquarters out of Switzerland if the authorities impose too many new regulations in the wake of the global financial crisis, Swiss weekly paper Sonntag CH said.
Oswald Gruebel, chief executive of Switzerland’s biggest bank by assets, made the threat in a speech to businessmen last week, citing the possibility that the authorities would force major banks to reorganize as holding companies, the paper said on Sunday.
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