Good morning from the Financial Times.
Today is Tuesday, March 31st, and this is your FT News Briefing.
UBS might not be packing its bags after all,
and American retirement funds could soon open to private capital investments.
Plus, we bring you the second installment in our series on U.S. President Donald Trump's tariffs.
This one is all about what happens now that the U.S. Supreme Court ruled them illegal.
So in the words of Justice Brett Kavanaugh,
one of the justices who actually was in dissent when it came to the AIPA case, it is quite a mess.
I'm Mark Filippino, and here's the news you need to start your day.
Last year, UBS privately threatened to leave Switzerland if strict new banking rules were put into place.
But a new push might change the bank's mind.
Some Swiss lawmakers have assured the bank that there will be a compromise that would water down the proposal.
That's according to people familiar with the situation.
The reform package that UBS opposes would increase its capital requirements by $22 billion.
The proposal is a response to Credit Suisse's collapse in 2023.
UBS rescued Credit Suisse in a state-orchestrated takeover.
UBS declined to comment on the story but has previously warned the capital requirement reforms would put it
at a competitive disadvantage internationally.
Now, if UBS were to leave, it would be a huge blow to Switzerland.
It is the country's last remaining global banking champion,