“Even in the unlikely event of something going wrong at UBS, we have enough cushion before even speaking about a resolution of the bank and its very unlikely risk of a loss for the taxpayer,” Sergio Ermotti said.

Would UBS need to be rescued, Ermotti said a private buyer would continue to be preferable.

“Of course, this would likely entail an international buyer.”

The head of Switzerland’s largest bank also advocated for certain regulatory improvements including strengthening the tools for early intervention by supervisors.

Switzerland should consider a more explicit set of senior management responsibilities similar to those in the UK, Ermotti said, and internationally the liquidity framework must be adjusted for the era of digital banking.