The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

The battle for Swiss banking

New UBS chairman and chief executive show the pressure the country’s banking system is under.

UBS, the embattled Swiss bank, tried to make a clean break with its past mistakes in March when it appointed Kaspar Villiger, a former Swiss finance minister, as its next chairman. Villiger is joined by Ossie Grübel, the former chief executive of Credit Suisse, who has become the new chief executive.

And concerns about Swiss finance do not end at the banks. Credit Suisse chairman Walter Kielholz has been parachuted back into the top seat at troubled insurer Swiss Re.

The appointments of Villiger and Grübel, both safe pairs of hands and pillars of the Swiss establishment, indicate three things. First, UBS believes it has still not done enough to prevent outflows from its core wealth management business, which has lost close to SFr150 billion ($131.5 billion) of assets in the past 12 months. Second, the bank still needs to do more to win back the trust of Swiss politicians and the public. And third, the Swiss national authorities remain deeply concerned about the challenges facing the country’s private banking industry.

In late February, UBS was forced to pay almost $800 million to settle a case that alleged that it had conspired to help US clients avoid paying federal taxes.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree