الجمعة, مايو 24th 2024
Sergio Ermotti addresses misconceptions about too-big-to-fail rules and outlines upcoming challenges at the Swiss Media Forum.
UBS CEO Sergio Ermotti does not feel misunderstood by the media. “It’s not me, but the too-big-to-fail rules that are misunderstood in the media,” said the bank boss at the Swiss Media Forum in Lucerne on Thursday.
Of course, today’s UBS is also too big to fail, said Ermotti in a panel discussion. However, the big bank is doing this “in a disorderly manner”. Although it requires special regulation due to its size, this does not automatically mean “that the taxpayer would lose money” in the event of a rescue.
According to Ermotti, planning for the next two years will be extremely challenging: “We have to cut jobs, there is no other way” to achieve the targeted cost reduction. Around 3,000 jobs are to be proactively made redundant in 2025 and 2026 – after the integration of UBS and Credit Suisse has been completed.
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