Rumors Swirl Around UBS Chairman Colm Kelleher
Tensions between UBS and the Swiss Federal Council, strained in recent months, may now be easing. Signs of an unexpected rapprochement are beginning to emerge.
UBS CEO Sergio Ermotti has never concealed his view that the government’s proposals for tighter big-bank regulation go too far. Chairman Colm Kelleher was equally outspoken at the bank’s annual general meeting in Lucerne in April, warning: «Overregulation is a very big risk.»
Despite the criticism, relations appear not to be irreparably damaged. According to financial circles, Kelleher is being considered as a mediator in the ongoing customs dispute between Switzerland and the US. Several parties are said to have sought his involvement. «Colm Kelleher has in recent days spoken with various business representatives on the issue,» confirmed one person close to the matter.
Kelleher, an Irish national, is well-connected in the US. Between 2016 and 2019, he served as President of Morgan Stanley, overseeing Institutional Securities and Wealth Management, as well as CEO of Morgan Stanley International. During the financial crisis, he held the roles of CFO and Co-Head of Corporate Strategy – credentials that have cemented his reputation as a heavyweight of global finance.
UBS Leadership Signals Readiness to Help
His primary concern now is Switzerland’s economy. An extension of US tariffs to the pharmaceutical sector could further inflame tensions. Business insiders say UBS’s senior leadership would also be prepared to lend support if doing so served national interests.
Political sources suggest that US president Donald Trump has taken a dim view of Swiss Federal President Karin Keller-Sutter, reportedly going so far as to label her a «persona non grata». «Among Trump’s advisers, it is said that as long as Keller-Sutter remains Federal President, there will be no deal with Switzerland,» according to one source familiar with the situation.
Different Level of Clout
Several Swiss business leaders – including Roche chairman Severin Schwan, Partners Group co-founders Fredy Gantner and Marcel Erni, Swiss CEO Jens Fehlinger, and Mercuria chairman Daniel Jäggi – have already rallied to the government’s side. The addition of Kelleher would, insiders note, give the group an entirely different level of clout.
UBS declined to comment.
