How has the private banking industry changed since the financial crisis?
Regulatory changes have forced banks to maintain a higher capital base to comply with Basle III and other requirements. For UBS this is not an issue as we have always maintained a high capital base and raised capital early. As of the end of September 2011, our Basel II Tier-1 capital ratio stands at 18.4%, and it is among the highest in the industry. Supervisory oversight is also increasing. There is now more consciousness among clients of how banks will look in two to three years.
