ZURICH (Reuters)

Swiss Finance Minister Karin Keller-Sutter discussed banking regulation in the U.S. with British counterpart Rachel Reeves following Donald Trump's presidential election win.

After their meeting in London, Keller-Sutter highlighted discussions about the Swiss-UK financial services deal from late last year and the implications of Trump's victory in the U.S. elections on banking regulation.

Keller-Sutter stated, "We also discussed what the election of the new American President, Donald Trump, could mean in regard to banking regulation," in a phone interview with Reuters.

Both ministers acknowledged the importance of balancing competitiveness with stability in the banking sector.

Trump’s win sparked optimism among investors, resulting in a rise in bank stocks due to expectations of lower corporate taxes and deregulation.

Keller-Sutter is poised to assume Switzerland's rotating presidency next year and is currently overseeing efforts to tighten banking regulations following the 2023 collapse of Credit Suisse and its acquisition by UBS.

She remarked it was premature to determine whether Europe needed to be more lenient on its banking sector to remain competitive, noting that she was keeping a close eye on developments.