Swissness

And the bank could leave the country if lawmakers insist on saddling the bank with higher capital requirements.

Being a bank that has a DNA of Swissness that is rooted in Swiss culture and Switzerland is a big advantage, but it's not the reason why their clients are banking with the company today.

I would have said it's impossible for UBS to leave, but I would have said two days ago it was impossible while Gottschall would just dissolve.

and UBS has been contemplating a future headquartered outside of Switzerland because of the financial consequences of higher capital charges, charges that lawmakers say are needed to buffer Switzerland from a banking collapse.

When I asked him about the Rekli, he said that was a clear no comment from the bank right now.

But I guess the biggest question here, Karen, for UBS And it's very strong Asian client base, also European Swiss client base, is if they do move their headquarters to the U.S., what happens to their main USP, Swissness? If that's gone, are these clients going to stay? That is one of the biggest questions out here in Zurich right now.

So much to explore in that conversation, Carolyn.

The other point is that there are a lot of reports suggesting that London was courting UBS as well, which is fascinating on a day-to-day to discuss that as we're talking about the potential for the bank tax, the bank surcharge to go up, making the UK actually less friendly for banks internationally.

But in terms of the Swissness and whether it would be simply easy enough for UBS just to pick up and take its headquarters elsewhere, how likely is that when it is now so systemically important to switzerland after the merger with credit swiss

look obviously that would be very very tricky and it would have massive ramifications for the country of switzerland for the city of zurich you know there's been some estimates about potential job losses 10 to 12 000 jobs could be on the line politically also geopolitically in terms of switzerland's heft that would have massive negative ramifications for Switzerland.

Is that something that they really want to incorporate? So I think one point I want to make clear is that frustrations on both sides, both in Bern and in Zurich, here at the bank, they're running very, very deep.

and to find a compromise here on the capitalization of the foreign subsidiaries.

They don't understand it's German and they have one A4 page and they struggle with that.

And that's why I was trying to combine my Swissness With my knowledge of the system, because I grew up here, I went through most of the parts.

And to combine that with the international aspect of people coming here, where the issues then begin after they moved here, they unpacked the boxes, as you said before.

So to me, it sounds like you are closing the gap.