Switzerland

UBS is alienating the very parliamentarians who agree with its position on capital requirements, according to private warnings from Swiss lawmakers. The bank faces pressure to scale back CEO Sergio Ermotti's public profile as it fights government plans requiring up to $26 billion in additional capital to fully fund foreign subsidiaries. A core group of MPs signals willingness to resolve the issue favorably for UBS, but parliamentary sources confirm the aggressive campaign is counterproductive ahead of crucial Nationalrat votes. The irony cuts deep: UBS may lose on capital rules not because lawmakers oppose big banks, but because they dislike being lectured by them.