BERN, March 29 ― The IMF urged Switzerland yesterday to strengthen its financial sector regulation as supervising UBS has become “more challenging” since it grew into a global banking behemoth after its takeover of Credit Suisse.
The merger raised serious concerns in Switzerland around jobs, competition and the size of the resulting bank relative to the Swiss economy. The IMF said the “powers and resources” of the Swiss financial sector's supervisor must be increased “to enable early and effective intervention” when necessary.
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