Sergio Ermotti, Chief Executive Officer of UBS, said at the Point Zero Forum in Zurich that lawmakers will consider both financial stability and competitiveness when designing new capital requirements for Switzerland’s biggest banks. Ermotti argued that political decision-makers and parliament will take a calm, dispassionate approach to determining how to preserve systemic stability while maintaining the country’s appeal as a global financial center.
The CEO stressed that competitiveness is essential for job creation, and without it Switzerland would struggle to retain its leading position in international finance. His comments reflect the challenge for legislators to craft rules that reduce systemic risk without unduly undermining banks’ ability to compete.
How artificial intelligence is reshaping banking
Ermotti also addressed the impact of artificial intelligence (AI) on the banking sector. He said UBS already operates several hundred AI agents and applications aimed at improving operational efficiency and customer services. He acknowledged that the adoption of AI will change employment patterns: certain banking and financial roles will inevitably evolve or disappear, and fewer people will be needed to perform some tasks.
According to Ermotti, however, this process is closely linked to economic growth: if an economy or a company does not grow, it will be unable to create new jobs to replace those made redundant by technological progress. He therefore emphasized that managing technological transformation must go hand in hand with policies that support growth and investment to sustain employment.
Overall, Ermotti’s message was that both regulation and technological adaptation require balance: the objective is to secure financial stability while preserving Switzerland’s competitiveness and ensuring that job creation remains viable over the long term.
