UBS may cut 12,000 Swiss jobs if capital rules tighten - report

What happened: The Swiss Bank Employees Association said in a letter to lawmakers that up to 12,000 UBS jobs in Switzerland could be eliminated if stricter capital requirements force the bank to relocate, NZZ am Sonntag reported. Key numbers: 10,000 to 12,000 positions at risk out of roughly 34,000 Swiss staff. Why it matters: A parliamentary committee is preparing to discuss capital requirements for UBS's foreign subsidiaries, and UBS has said the 90% level is excessive. The association asked for a viable compromise, warning stricter rules could threaten UBS's presence in Switzerland. Market: -0.1% today ($38.34), +3.8% YTD, 0.1x vol — as of 07:45 UTC

The Swiss Bank Employees Association said in a letter to lawmakers that up to 12,000 UBS jobs in Switzerland could be eliminated if stricter capital requirements force the bank to relocate, NZZ am Sonntag reported.

A parliamentary committee is preparing to discuss capital requirements for UBS's foreign subsidiaries, and UBS has said the 90% level is excessive. The association asked for a viable compromise, warning stricter rules could threaten UBS's presence in Switzerland. Market: -0.1% today ($38.34), +3.8% YTD, 0.1x vol — as of 07:45 UTC