Swiss Union Warns UBS Move Risks 12,000 Jobs

The Swiss Bank Employees Association has warned that tougher capital rules for UBS’s foreign subsidiaries could prompt the bank to relocate, sell assets or merge, putting 10,000 to 12,000 Swiss jobs at risk—about a third of its domestic workforce. The warning comes as Swiss lawmakers debate requiring UBS to back overseas units with 90% Common Equity Tier 1 capital, a level the bank has criticized as excessive. UBS has said it wants to remain in Switzerland, though its chairman has warned that overly stringent rules could force the bank to reconsider its future there. The potential losses would be in addition to about 3,000 Swiss job cuts expected over several years as UBS integrates Credit Suisse, mostly through attrition and other measures.