The UBS takeover of embattled rival Credit Suisse has shaken Switzerland's self-image and dented its reputation as a global financial center, analysts say, warning that the country's prosperity could grow too dependent on a single banking behemoth.
“For me, the debate nowadays is not ‘too big to fail’ - it’s rather ‘too small to survive,’” Ermotti said at a news conference this week. ”And we want to be a winner out of this.”
Blocher’s protégé, Ueli Maurer - who was finance minister until stepping down in December - championed a hands-off approach to banks like Credit Suisse to let them sort out their own troubles. Swiss diplomats, who have been intermediaries between Iran and Saudi Arabia since the countries broke off ties in 2016, were absent as China brokered an agreement this month to restore relations between the Mideast rivals.who is a former UBS executive in Colorado, upshifted the debate about how the European country interprets its idea of neutrality.
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Credit Suisse takeover hits heart of Swiss banking, identityAnalysts say the UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center. They warn that the country’s prosperity could grow too dependent on a single banking behemoth. The uncertain future of a union of Switzerland’s two global banks comes at a thorny time for Swiss identity, built nearly as much on a self-image of finesse in finance as on know-how with chocolate, watchmaking and cheese. Incoming UBS chief Sergio Ermotti says Switzerland needs a strong globally significant bank if it wants to be a financial hub. He says the issue isn't “too big to fail' but 'too small to survive.”
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