WEF 2024: UBS CEO emphasizes hard work in CS integration
Published: Wednesday, Jan 17th 2024, 15:50
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Although the takeover of Credit Suisse by UBS was "not the deal of the century", it came at the "price of the century". UBS CEO Sergio Ermotti said at a panel discussion at the World Economic Forum in Davos that the big bank had to work very hard to implement the deal.
In the banking industry, takeovers usually take place in crisis situations, Ermotti emphasized at the panel discussion. In order for a bank to be part of the solution in a crisis, it must also be credible.
The UBS CEO acknowledged the role of the regulators on the panel: "Focused and good regulation can make the system more resilient," said Ermotti. However, it was somewhat surprising that the supervisory authorities had not recognized beforehand how quickly money could be moved in the new digitalized world.
Ermotti was cautious about the economic outlook for the current year. There is too much complacency regarding the inflation outlook and the development of interest rates: "The expectation of six interest rate cuts is already rather optimistic." The central banks have done a good job so far. However, it could be very dangerous for them to get the timing of interest rate cuts wrong.
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