UBS Group AG Chief Executive Sergio Ermotti attended a closed-door hearing on Monday as Swiss lawmakers began the legislative process that could shape the bank's future capital requirements. The hearing took place in the Upper House's Economic Affairs and Taxation Committee. [1]
The committee session marked the start of parliament's debate over a bill tied to UBS's capital needs after the lender's takeover of Credit Suisse. Bloomberg reported that Ermotti was present as the process got under way. [1]
The Upper House is expected to vote on the bill first, with that step potentially coming as early as June, according to the report. [1]