الجمعة, مايو 12th 2023
(Keystone) UBS boss Sergio Ermotti spoke out in favor of an investigation into the decline of Credit Suisse at the Swiss Media Forum in Lucerne. However, trust cannot be regulated.
“It’s crystal clear,” said Ermotti on Friday. “The situation hasn’t developed in the last six weeks, but in the last six or seven years. Therefore, an investigation is necessary that goes back a long time – a complete 360-degree investigation.”
UBS is now on track to complete the transaction within three months, Ermotti said. A lot is now happening in a hurry, which under normal circumstances would take a year.
Ermotti also defended the size of the new UBS and Ulrich Körner’s personnel.
More important than the size of a bank are its business models and the risks it takes. It’s about much more than the right size – “it’s about the size and strength of Switzerland as a financial center” also in competition with other financial centers worldwide.
According to Ermotti, CS boss Ulrich Körner, who will become a member of the UBS executive board, will play an important role in the integration of Credit Suisse. Körner knows CS very well and also worked at UBS.
“I have to pursue realpolitik,” said Ermotti. “I make decisions based on facts, not emotions or nostalgia.”
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