Switzerland’s biggest bank UBS threatens to shift HQ to US
https://brusselssignal.eu/2025/09/switzerlands-biggest-bank-ubs-threatens-to-shift-hq-to-us/
Excerpt:
Switzerland’s biggest bank says new rules at home could push it abroad.
UBS, one of the world’s most powerful wealth managers, has warned it might no longer keep its headquarters in Zurich.
That came after the Swiss Government unveiled stricter capital requirements following the 2023 collapse of Credit Suisse. The measures are meant to protect taxpayers but have triggered open resistance from UBS, which said they could make it uncompetitive.
” The requirements, as they are [proposed], are very punitive and excessive and therefore we will need to think how we protect our shareholders’ and stakeholders’ interests”, UBS Group CEO said in a press statement UBS sent to Brussels Signal September 17.
“But it’s definitely too early to jump on commenting any potential scenario and what our responses will be”, he added.
The new rules would force systemically important banks to fully cover their foreign subsidiaries with capital from the parent bank. That would mean UBS setting aside tens of billions of dollars to meet the requirement.
Bloomberg reported yesterday that the package could raise its capital needs by as much as $26 billion (€21.9 billion).
The government wants UBS to hold capital equal to 100 per cent of the risks taken by its foreign branches. On top of that, accounting changes to items such as in-house software and tax assets could add another $3 billion (€2.5 billion).
UBS has described the plan as “punitive and excessive”.
According to Swissinfo yesterday, rumours have already surfaced that senior executives met US officials to discuss a possible relocation to the US, potentially linked to a merger with a local bank.
UBS has declined to confirm the talks but has not denied them. Names mentioned included PNC Financial and Bank of New York as possible takeover partners.
.....The consequences for Switzerland should the lender leave would be far-reaching.
Tax revenues for the federal government, cantons and municipalities would shrink. Thousands of highly paid jobs in Zurich could disappear. Smaller businesses, which rely on UBS for credit, might also struggle to secure financing.
Observers have warned that the reputational damage would be “immense”. The Swiss loan book at UBS amounts to some 350 billion Swiss francs (€375 billion) and analysts say neither regional banks nor foreign institutions could fill the gap if it pulled back.
For now, UBS has started lobbying while parliament prepares to debate the law.
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Would be surprised if the politicians allowed this to happen but given the arrogance of Europe’s politicians it is a distinct possibility. Would have major ramifications in global finance and IMO the globalist central bank system. Switzerland has fooled the world in thinking it is a neutral financial hub, despite the fact that a large portion of the global players have HQs their. Like the central banks’ Bank for International Settlements.
A UBS move to the US would definitely shake up the global central banking system. Stay tuned, worth watching to see what happens.
Flying cars crash into each other and catch fire in China
https://www.telegraph.co.uk/flying-cars/ (paywall)
https://uk.news.yahoo.com/flying-cars-crash-other-catch-200314817.html
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Two flying cars have collided during an air show rehearsal in China designed as a showcase for the technology.
After the mid-air crash, one of the vehicles fell to the ground and caught fire on impact, with reports that a pilot was injured.
Footage circulating on Chinese state-run media showed the two futuristic vehicles performing air stunts in close formation. The video then cuts to a fire engulfing the wreckage of one of the vehicles as ambulances race to the scene.
The accident occurred on Tuesday in Changchun, in the northeastern province of Jilin, as the city geared up for a five-day air show to begin Friday.
The flying cars, also known as electric vertical take-off and landing (eVTOL) vehicles, were developed by Xpeng AeroHT, one of the largest flying car companies in Asia and a subsidiary of Chinese electric vehicle (EV) giant Xpeng.
The company blamed the collision on “insufficient spacing” and said an investigation was ongoing.
......The eVTOL vehicles are expected to be sold for roughly £220,000 each. Xpeng AeroHT reported in January it had already received 3,000 orders for them.
The incident underscores concerns over the safety of flying cars and the significant challenges ahead before they can be brought to the market.
Flying cars are a central component of China’s plans to dominate what Beijing calls the “low-altitude economy”, a fast-growing sector in the airspace below 3,000 metres, involving drone deliveries, air taxis and other unmanned aerial services.
The sector is expected to be worth $206bn (£150bn) this year, according to China’s civil aviation regulator, and could rise to a market size of $482bn (£351bn) by 2035.
However, it faces major hurdles, including insufficient infrastructure, such as take-off and landing sites, regulatory challenges, technological reliability and public acceptance.
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Technological reliability is a big problem./s These aren’t ready for primetime but we can watch the Europeans and Chinese try. Makes me think of the tune “ Here’s George Jetson......Jane his wife.......”
where will their gold end up?