UBS has no need for more capital, chairman tells Swiss paper

Big picture: Ermotti in a television interview in Zurich, Switzerland. Kelleher says that chief executive officer Ermotti was brought in to manage the integration with Credit Suisse, a process that will require at least five years. — Bloomberg

ZURICH: UBS Group AG chairman Colm Kelleher says that higher capital requirements for the Swiss banking behemoth would penalise shareholders and clients, and called instead for stronger powers for the country’s banking watchdog.

In an interview with Neue Zuercher Zeitung am Sonntag to mark one year since UBS’s government-orchestrated acquisition of Credit Suisse, Kelleher reiterated his conviction that financial supervisor, the Swiss Financial Market Supervisory Authority (Finma), needs “new instruments,” such as the power to fine and dismiss senior managers when they’re found to lack competence or suitability.