Zurich, Switzerland (GenevaLunch) – Chairman Oswald Gruebel of UBS reportedly told a group of business leaders at a private luncheon Friday that if demands on UBS become too tough, the bank would consider locating outside Switzerland. Gruebel is said to have been referring to the possibility that Swiss banking authorities could insist the country’s two big banks, UBS and Credit Suisse, reorganize as holding companies.

The news was reported by Sonntag 29 November. Journalists were not invited to the meeting and UBS has not commented on the report.

The weekly Swiss German news magazine has frequent business and in particular bank-related scoops, and it has a relatively good track record for accuracy.

Gruebel was in the news in mid-November for promising to turn the bank around, setting a goal of pre-tax profits of CHF15 billion in three to five years.

Links to other sites: Reuters, UBS

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