So whilst bankers and hedge funds in London keep threatening to move to Switzerland if UK regulation and taxation becomes too oppressive, UBS mave be moving away from the land of Toblerone and Cuckoo clocks.

UBS is threatening to move its headquarters out of Switzerland if the authorities impose too many new regulations in the wake of the global financial crisis reports Reuters.

Swiss regulators believe that forcing multinational banks to operate as national institutions in different countries, controlled by a central holding company, would allow the authorities in a crisis to rescue the Swiss company while letting foreign subsidies go under, the paper said.

But that would oblige the bank to inject capital into the subsidiaries, which would be expensive.

Probably not as expensive as an international bailout though.

More Top Stories

• Men – Let Your Workplace Anger Out
• Bankruptcy – it’s so easy, easy
• Wesley Snipes “unschooled in the science of law and finance.”
• Accountancy Firms Failing to Avoid Financial Problems Should Know Better
• Accountant’s £16m fraud