Thursday, May 21Thursday, May 21UBS’s acquisition of Credit Suisse in March 2023, brokered for $3.25 billion, continues to shape the bank’s regulatory and strategic challenges. Following the deal, UBS chair Colm Kelleher received a call from JPMorgan Chase CEO Jamie Dimon, who advised against allowing Swiss authorities to alter the acquisition terms. Dimon, a veteran of emergency bank takeovers, emphasized the importance of maintaining the original agreement to stabilize the global banking system .
The acquisition has since led to a prolonged dispute between UBS and Swiss regulators over capital requirements. Swiss authorities argue that stricter capital rules are necessary to prevent future financial disasters, while UBS executives and shareholders resist, with some suggesting the bank may consider relocating if the requirements become too burdensome. This tension underscores the broader question of whether Switzerland, a country of 9 million people, can effectively host a financial institution of UBS’s expanded scale .
The European Central Bank (ECB) has nominated Claudia Buch, currently of the Bundesbank, as the new head of banking supervision. This appointment places her in a key role within the ECB’s governing structure, which includes oversight of systemically important banks like UBS . Meanwhile, the ECB’s April 2026 meeting maintained its key interest rates, though the broader regulatory environment remains a focal point for major financial institutions .
UBS: the bank that outgrew a country UBS chair Colm Kelleher was driving back to Zurich from Bern in March 2023 when his phone rang. The Irish banker was heading home after a weekend of tumultuous negotiations that had culminated in a historic $3.25 billion (CHF2.55 billlion) deal to rescue UBSs rival Credit Suisse. On the other end of the line was Jamie Dimon, chief executive of US giant JPMorgan Chase and a veteran of emergency bank takeovers, calling to offer a piece of advice, even as he thanked Kelleher for his contribution in stabilising the global banking system. Dimon — whom Kelleher knew well from his years atop Wall Street rival Morgan Stanley — had a clear message, according to people briefed on the conversation: do not let the Swiss authorities change the terms of the deal to acquire UBSs traditional adversary. More than three years later, UBS and the Swiss government remain locked in a stand-off over how much capital it must have to guard against disaster, a dispute that stems from the deal struck on ...
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