The chief executive of UBS has attacked the government for its neglect of the City, warning tougher regulations could see investment banking businesses move from the UK and Europe to Asia and the US.
In an interview with the Financial Times, Oswald Grübel says: "The government is so quiet about [the City]. Only behind closed doors do they pay lip service to wanting to keep the City. If it is abandoned by the government one day, God help you." He adds the US and Asia are likely to win a growing share of the investment banking business of his and other banks, at the expense of the UK and Switzerland, which has announced it will hold its banks to much stricter capital requirements than elsewhere. Read more here Hedge funds deliver $129bn in profits in H2 2010 Hedge funds recover...
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