5 hours ago
Description
(AWP Alliance News) - UBS Group AG published a transcript of a Sept. 22, 2026 fireside chat at Bank of America's Global Research Financials CEO Conference attended by Group CEO Sergio P. Ermotti. Ermotti warned that a Swiss proposal to require 90% CET1 backing for foreign subsidiaries would be "de facto the same" as 100%, citing about USD 4 billion of difference, calling it misaligned with international standards and a hit to UBS's competitiveness.
He backed an alternative "50/50" approach that he said would imply a couple of billion dollars of CET1 plus USD 13 billion of AT1, cutting the annual cost versus the Federal Council's "extreme" proposal to about USD 2 billion from about USD 3 billion. Ermotti said UBS retired almost USD 10 billion of Credit Suisse issuance and refinanced at tighter spreads with longer tenor, with benefits to net interest income from 2027 and no meaningful impact expected on Q3 results due to offsets.
He said UBS had completed USD 1.2 billion of buybacks, expected at least USD 1.5 billion by end-October, with further pace tied to results and maintaining capital around 14%.
https://docs.publicnow.com/98DF95DCD8FB3D3FF1F6AE38538B32754651E6FF
Disclaimer: This news brief was created using generative artificial intelligence. UBS Group AG published the original content used to generate this news brief on September 24, 2026, and is solely responsible for the information contained therein.
