CEO Sergio Ermotti has never made a secret of the fact that he believes the Federal Council's plans for large-bank regulation go too far. Chairman Colm Kelleher also openly criticized them: «Overregulation is a very big risk,» he said at the general meeting of the merged bank in April in Lucerne.

Mediating in the Tariff Dispute

Apparently, the relationship is not beyond repair. According to financial circles, Kelleher could act as a mediator in the tariff dispute between Switzerland and the U.S. Several parties are said to have asked for his support. «Colm Kelleher has spoken with various business representatives about this in recent days,» confirmed one person involved.

The Irish-born banker is very well connected in the United States. From 2016 to 2019, he served as President of Morgan Stanley, responsible for Institutional Securities and Wealth Management, and CEO of Morgan Stanley International. During the financial crisis, he was CFO and Co-Head of Corporate Strategy – Kelleher is regarded as a heavyweight in the global financial sector.

Additional Signal from UBS Leadership

His concern is the Swiss economy: an expansion of U.S. tariffs to include the pharmaceutical industry could further escalate the conflict.

Business circles report that UBS's top executives would also be willing to lend their support if it served the interests of the country.

A Very Different Level of Influence

According to political sources, U.S. President Donald Trump is apparently very displeased with Swiss Federal President Karin Keller-Sutter and has even declared her as a «Persona non grata». «Among Trump's advisers, it is even said that as long as Keller-Sutter remains president, there will be no agreement with Switzerland,» said a person familiar with the matter.

With Roche Chairman Severin Schwan, Partners Group co-founders Fredy Gantner and Marcel Erni, Swiss-CEO Jens Fehlinger,  and Mercuria Chairman Daniel Jäggi, prominent Swiss business leaders have already come to the Federal Council's aid. With Kelleher, the group would gain an entirely different level of clout.

UBS declined to comment.