The CEO of UBS, Sergio Ermotti, believes that the new UBS is currently misunderstood but ultimately a positive force. He is a fan of science fiction and is in top rhetorical form as the year comes to an end.
Ermotti is unwavering in his belief that the Swiss financial market needs an even larger bank in order to compete internationally, specifically a combination of UBS and Credit Suisse. He is convinced that this combination will result in more than just the sum of its parts, and that the two banks will be able to offer even better services together.
Ermotti dismisses any doubts about the benefits of the new mega-bank, suggesting that those who question it must have ulterior motives. He believes that the term “monster bank” was created by journalists seeking attention, and that it does not accurately represent what UBS is as a bank or what it means for Switzerland.
Ermotti uses an interesting analogy to explain his perspective, comparing the new bank to the Iron Giant from the film of the same name. He suggests that like the Iron Giant, the bank may initially be perceived as a threat but is ultimately a positive force.
When asked about the need for more capital, Ermotti becomes increasingly frustrated. He argues that Credit Suisse had enough capital and that claiming otherwise is pure populism. He believes that increasing capital would be costly for the entire economy.
Ermotti continues to view the sale of Credit Suisse as the best solution, despite the fact that it was well-capitalized on paper. He argues that liquidating a major bank, even when a private solution is available, would have been masochistic and would have resulted in a much greater reputational loss for the financial market and the loss of more jobs.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠|
| Sentiment | positive |
| Relevance Score | 1 |
| People | Martin Hirzel, Sergio Ermotti |
| Companies | Swissmem, UBS, Credit Suisse |
| Currencies | None |
| Securities | None |
