UBS boss threatens Swiss exit in protest over regulatory crackdown

What happened: UBS chief executive Sergio Ermotti said the bank is assessing the "long-term consequences" of proposed Swiss capital rules and signaled it could leave Switzerland. Key numbers: Proposed reforms would require banks to hold an extra $16bn in funding. Final parliamentary debate is set for December. Why it matters: Two major investors, Cevian and Artisan Partners, have urged UBS to move abroad, and the UK has pitched itself as a potential new home, with Rachel Reeves holding talks about a possible headquarters and listing move. Market: +0.7% today ($38.84), +5.1% YTD, 0.8x vol — as of 08:00 UTC

UBS chief executive Sergio Ermotti said the bank is assessing the "long-term consequences" of proposed Swiss capital rules and signaled it could leave Switzerland.

Two major investors, Cevian and Artisan Partners, have urged UBS to move abroad, and the UK has pitched itself as a potential new home, with Rachel Reeves holding talks about a possible headquarters and listing move. Market: +0.7% today ($38.84), +5.1% YTD, 0.8x vol — as of 08:00 UTC