SVP’s favorite banker

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In “The Wolf of Wall Street,” Leonardo DiCaprio (48) immortalized the image of the greedy, unscrupulous banker who believed the world was his. In Zurich, too, some representatives of the financial center dream of a life of movie luxury, complete with prostitutes, cocaine and fat sleds. With Colm Kelleher (65), Switzerland now offers a more stylish model for a Hollywood strip: “The Fox of Paradeplatz”.

After the Credit Suisse takeover of the century, it took just ten days for the UBS Chairman to introduce a new CEO. Without hesitation, he sent Ralph Hamers (56) back to the Netherlands and replaced him with Sergio Ermotti (62) from Ticino as CEO, old and new. Kelleher’s description of the change was as dry as a bone: “With Sergio, we felt like we had a better horse.”

In Bern, political heavyweights from left to right were impressed by Kelleher’s decisive actions. But it’s also about the serenity of the Irish Wall Street veteran who once wanted to be a history professor. For once, everyone agrees: Ermotti is a good choice for a merger of two big banks – in the “war between Bern and the 5 trillion bank” announced a week ago by SonntagsBlick, the designation is a brilliant move.

inter-party unity

“By nominating Ermotti, Kelleher shows that he is taking the serious concerns of Swiss politicians about the new XXL bank seriously,” says a senior central politician. A prominent Social Democrat agrees, and says: “Kelleher has openly acknowledged that the greatest danger to the new UBS comes from Switzerland.”

The top banker can’t ignore what triggered the CS takeover in the Bundesbern: SP and Greens are calling for a tight corset for the only big bank left, and the bourgeoisie are getting ahead of each other on how to tame the new megabank.

FDP Chairman Thierry Burkart (47) created a sensation when he demanded that UBS continue to run the CS local area as an independent bank. Center Chairman Gerhard Pfister (60) announced in an interview with SonntagsBlick that he now advocates a 20 percent equity ratio.

The old idea is fresh again

In response, SVP even spoke of a separate banking system in a statement, namely the separation of risk investment banking from the rest of the banking business.

This requirement is not new. Even after the 2008 financial crisis, when the federal government had to bail out UBS, the SVP – in line with the SP and the Greens – insisted on separating investment banking from systemically important functions. These efforts also found a majority in the National Council. The superiority of the CVP and FDP in the Council of State prevented the relevant regulations.

Now UBS must once again fear the “unholy alliance” between the left and the SVP. With Ermotti, this danger could not be avoided, but the perfectly networked top banker should at least reduce the possibility of far-reaching regulation.

friends with SVP

A member of the SP Presidium believes: “The people of Ermotti must reason.” A board member of the FDP sees Kelleher as “a cunning tactical fox” and suspects that the new CEO should thwart a new left-right alliance on banking regulation issues: “Ermotti is known to be very well connected. SVP.”

The new and former UBS boss’s SVP affinity isn’t an empty dream of the political rival, but it’s well documented. Neoliberal financier Tito Tettamanti (92) was already enthusiastic that his cantonal colleague was “a capitalist with a heart in the right place” in 2011, when Ermotti was first appointed head of UBS.

It was Tettamanti who sold the “Weltwoche” to current owner Roger Köppel (58). This is also close to Ermotti, as the journalist Daniel Ryser’s book “In Bathing Suits to Stalingrad” reveals. In it, the author describes how Köppel’s smartphone rings and the name “Sergio Ermotti” appears on the screen. Köppel stood up and said, “Hey ciao, how are you?”

Köppel’s favorite banker

The Senior Vice President has never hidden the fact that Ermotti is his favorite banker. In the summer of 2017 – before the Federal Council elections that brought Ignazio Cassis (61) to the state government – the front page of the “Weltwoche” read “Sergio Ermotti in the Federal Council”.

Entrepreneur Peter Spuhler (64) and Ermotti are also against you and against you. At the end of 2018, the duo faced a disagreement in the “Handelzeitung” with almost no differences of opinion. Instead, pleasant words were exchanged, and Ermotti, addressing the former SVP National Council, said: “Of course I regret that someone with experience like Peter is not in the Council of the States.”

Despite all this, Ermotti does not want to know anything about “proximity to SVP”. When asked by “Swiss Weekend” in 2021, he replied, “I am independent, liberal and have a decidedly social streak”. There are issues the SVP can agree with. “But I may also agree with the socialists, for example, on social issues.”

Zurich National Assembly Member Thomas Matter (57) denies any special relationship with the SVP, the country’s most important banker, according to Sunday’s view: “I don’t see Ermotti being particularly close to the SVP,” he says. The bank entrepreneur is of the opinion that there are “at least as many points of contact” with the FDP or the centre.

But the truth is: Matter has known Ermotti longer than almost anyone else in the federal state of Bern. Thirty years ago, when the two were working at Merrill Lynch in London, the new UBS boss was his boss. Ermotti then brought him to Zurich.

SVP doesn’t want to be impressed

Still, Matter defends himself against the suspicion that SVP might be influenced by Ermotti. “Just because we know each other doesn’t always mean we agree,” he emphasizes. Whether or not Ermotti is the CEO of UBS, the Senior Vice President insists: “We must find a solution that allows every bank to go bankrupt without government intervention.”

There are several ways to do this, such as a separate banking system or restriction of private trade. “We now need to look and examine all the options,” Matter says.

The financial center representative emphasizes how seriously he takes this, saying: “If a bank is not ready to adapt its size to the Swiss economy, it will have to consider whether it makes sense to move its headquarters to a larger country.”

These are the words by which the country’s most popular party will be measured in the coming months. UBS management shouldn’t like to hear such statements either. Instead, those in charge of the new megabank will try anything to deter the SVP – as well as other parties – from its regulatory plans.

SonntagsBlick knows: Over the past few days, senior UBS representatives have contacted heads of conservative parties to “bring them to mind.” This or that dinner with Sergio Ermotti should be added briefly.

Source :Blick