Finance lobby wants to prevent CS takeover from becoming a campaign issue

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UBS does not want to decide on the future of Credit Suisse’s Swiss business until after the summer break. Official reason: It takes a lot of time for the bank to do a clean analysis. But there may also be election tactics behind it. At least that’s what a few financial center sources say, and that’s how it seems to those around Sergio Ermotti (63).

The reason seems obvious: the decision is of great political significance. If there is a radical scenario of full integration with thousands of layoffs, there will be a nationwide backlash. “Banks” would become a major campaign topic. The finance lobby wants to prevent this at all costs.

Election campaign topics Bonus ban and Co.

Politicians from left to right would demand tighter regulation. Demands for bonus bans, compromises for government guarantees, and higher capital requirements rain down on the “monster bank.” National Council elections are scheduled for October 22.

When it comes to new regulations, the financial center stands side by side. No one wants bonus bans or higher equity requirements. That’s why there’s a collusion between financial center representatives to mess up as little as possible and leave UBS alone before the election, one banker says. No one would accept that.

The banker and politician Thomas Matter (57) can at least be quoted this way: “The reluctance of some banks to make statements about growth in the corporate client business so far is also due to the financial center’s inattention. It’s getting harder and harder to merge CS and UBS.”

Source :Blick