UBS Receives Support from Switzerland, JPMorgan Dominates Private Credit

UBS has dismissed speculation that it may flee Switzerland to escape tougher capital rules, with the Swiss government professing its love for the bank. UBS CEO Sergio Ermotti denied ever threatening to leave the country. Meanwhile, JPMorgan Chase is dominating the private credit market, handing out giant checks that only the biggest US bank can write. Other Big 6 banks like Goldman Sachs and Morgan Stanley are also pushing into venture capital deals, while Deutsche Bank plans to hire 250 wealth managers.