ZURICH (Reuters) – Swiss Finance Minister Karin Keller-Sutter stated she had on Thursday mentioned the outlook for banking regulation in the US along with her British counterpart Rachel Reeves following Donald Trump’s presidential election win this week.
Talking after a gathering with Reeves in London, Keller-Sutter stated the 2 officers had talked about efforts to cross a Swiss-UK monetary companies deal struck late final 12 months, earlier than she turned to Trump’s victory in Tuesday’s U.S. election.
“We additionally mentioned what the election of the brand new American President, Donald Trump, might imply in regard to banking regulation,” Keller-Sutter instructed Reuters in a cellphone interview.
“We additionally agreed we might comply with this collectively. It was stated beforehand {that a} wave of deregulation was coming within the USA.”
On regulation, each agreed it was necessary to strike a steadiness between competitiveness and stability, she stated.
The election victory of Trump, a Republican, boosted shares in banks and different corporations on Wednesday as traders wager on decrease company taxes and deregulation when he returns to workplace.
Keller-Sutter, who subsequent 12 months may also assume Switzerland’s rotating presidency, is overseeing efforts to tighten banking rules within the nation following the 2023 collapse and subsequent takeover of Credit score Suisse by its long-time rival UBS.
That political course of continues to be underway.
Requested whether or not Trump’s victory meant Europe wanted to be extra lenient on the banking sector to allow it to stay aggressive, the minister declined to be drawn, noting it was too early to say and that she was observing developments.
