UBS Responds to Swiss Regulatory Proposals

UBS has expressed its support, in principle, for most regulatory proposals from the Swiss Federal Council released on June 6, 2025. Despite this, UBS has voiced strong disagreement with the proposed significant increase in capital requirements, suggesting they are disproportionate and not aligned with international norms.

Under the proposals, UBS would need to fully deduct investments in foreign subsidiaries from its CET1 capital, alongside deferred tax assets and capitalized software. This could require UBS to hold an additional estimated USD 24 billion in CET1 capital, impacting its Group-level CET1 capital ratio.

The changes would be in addition to the USD 18 billion required due to UBS's acquisition of Credit Suisse, bringing the total additional capital requirement to USD 42 billion. UBS plans to actively engage with stakeholders during the consultation process to seek effective alternatives.