UBS chairman warns Switzerland losing its edge to Hong Kong and Singapore

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Switzerland, once synonymous with discretion, stability and luxury banking, is now facing a deep identity crisis. The latest storm was caused by Colm Kelleher, chairman of UBS, the largest Swiss and European bank, who openly stated that “Switzerland has lost its compass” and that it is no longer certain that it will retain its status as a global financial center. UBS warns: Switzerland has an identity crisis At the Global Financial Forum in Hong…