Regulatory Handcuffs Will 'Kill 30% Of Swiss Banks'

Regulatory Handcuffs Will ‘Kill 30% Of Swiss Banks’ by Matthew Allen, SwissInfo.ch Up to 30% of Swiss banks will be smothered to death under the weight of increasingly draconian regulations within the next five years, UBS bank’s chief executive Sergio Ermotti has warned at a financial industry conference in Bern. Every year, regulations drain the Swiss economy of 10% of its gross domestic product (GDP) – or CHF60 billion ($61.5 billion) – Ermotti said. Since the 2008 financial crisis, the financial industry has borne the brunt of new regulations, both in Switzerland and in other countries. “Switzerland can no longer…