据知情人士透露，在经历本周的挫折后，瑞银集团高层重新讨论了如何摆脱瑞士监管机构严厉监管的方案，包括与外国银行合并。
The senior leadership of UBS has revived discussions about ways to move the bank out from under Swiss regulators’ heavy hand, including through a combination with a foreign bank, after a setback this week, people familiar with the matter said.
本周，瑞士议会投票通过了一项法案，要求瑞银筹集高达200亿美元的资本，银行高管称这将削弱其盈利性贷款的能力。
Switzerland’s parliament voted this week to advance a law requiring UBS to raise as much as $20 billion in capital, which bank executives say would gut its ability to lend profitably. “We can live with a black eye, but two black eyes and a broken nose is too much,” CEO Sergio Ermotti said.
首席执行官塞尔吉奥·埃尔莫蒂（Sergio Ermotti）表示：“我们可以忍受一点挫折，但如果遭受重创，那就太过分了。”
Switzerland’s parliament voted this week to advance a law requiring UBS to raise as much as $20 billion in capital, which bank executives say would gut its ability to lend profitably. “We can live with a black eye, but two black eyes and a broken nose is too much,” CEO Sergio Ermotti said.
瑞银与瑞士政府的僵局已持续一年多，政府目前要求该行通过注入新资本来支持其海外子公司。
UBS has been in a standoff for more than a year with the Swiss government, which is now demanding the bank shore up its foreign subsidiaries with fresh capital. Holding more capital hurts bank profits, and would put UBS at a disadvantage to US banks whose own capital is being freed up by a deregulatory Trump administration.
持有更多资本会损害银行利润，并使瑞银在与美国银行的竞争中处于劣势，因为特朗普政府的放松监管政策正在释放美国银行的资本。瑞银对此拒绝置评。合并是瑞银迁出瑞士最直接的方式，但过程复杂。
UBS declined to comment. Liz’s view A merger is UBS’s most obvious way to redomicile outside Switzerland, but would be complicated. Its $1.7 trillion balance sheet and $146 billion market value limit the number of partners.
其1.7万亿美元的资产负债表和1460亿美元的市值限制了潜在的合作伙伴。
An overseas combination — perhaps with Morgan Stanley, which has long wanted UBS and its $7 trillion in wealth-management accounts — would offer a dramatic, huffy exit (and reunite UBS executive chairman Colm Kelleher with his old shop.) Standard Chartered and Deutsche Bank would be cheaper ways out.
与摩根士丹利等海外机构合并将是一种戏剧性的退出方式，但也可能选择渣打银行或德意志银行作为成本更低的退出路径。
An overseas combination — perhaps with Morgan Stanley, which has long wanted UBS and its $7 trillion in wealth-management accounts — would offer a dramatic, huffy exit (and reunite UBS executive chairman Colm Kelleher with his old shop.) Standard Chartered and Deutsche Bank would be cheaper ways out.