02:19 PM EDT, 05/15/2024 (MT Newswires) -- UBS (UBS) Chief Executive Officer Sergio Ermotti said that the company is continuing its criticism of Switzerland's plans to raise capital requirements for banks seem as "too big to fail," media reported Wednesday, citing Ermotti's speech at Zurich University.

The Swiss government is looking to introduce capital rules that can result in about $20 billion in new requirements for UBS, Bloomberg said.

"To be honest, it's quite surprising how quickly UBS went from being perceived as a savior to a potential future problem for the country," Ermotti was quoted as saying.

"We need to avoid making strategic mistakes today that prove costly in the future," Ermotti, adding that this move by the Swiss government could jeopardize the country's finance sector.

The Swiss government said the new plans are to address the sector's weakness that came to light last year during the downfall of Credit Suisse, the reports said.

UBS did not immediately respond to MT Newswires' request for comment.

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