Swiss Committee Proposes $20B Capital Hike for UBS; New Manhattan Director
Swiss lawmakers' Economic Affairs Committee launched hearings that could impose roughly $20 billion in extra capital requirements on UBS's Swiss unit, with a parliamentary vote possible in June dragging into next year. UBS also appointed Jeremy Autry as Market Director for the Manhattan Market to strengthen its local client operations.
1. Swiss Capital Reform Hearing
Thirteen members of the Upper House’s Economic Affairs and Taxation Committee convened behind closed doors in Bern to debate a proposal that could force UBS's Swiss unit to boost capital by about $20 billion, based on the bank’s April estimate. The process could advance to a full parliamentary vote as soon as June and extend into next year, with potential compromises on the treatment of foreign units under discussion and intense lobbying underway.
2. Manhattan Market Director Appointment
UBS has named industry veteran Jeremy Autry as Market Director for the Manhattan Market, tasking him with expanding regional client relationships and driving local business development. Autry’s appointment aims to deepen the bank’s presence in New York’s competitive financial services landscape and support UBS’s broader U.S. growth strategy.