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Oswald Grübel (79) criticizes the forced marriage between UBS and CS. Must Know: Grübel is the only executive who once headed Credit Suisse and UBS: He was CEO of German banker CS from 2003 to 2007. From 2009, he took over the CEO position at UBS, from which he resigned in 2011.
“The Swiss National Bank (SNB) should have bought Credit Suisse,” Grübel said in an interview with “Spiegel”. He thinks CS needs to be restructured and then brought back to the stock market. “It wouldn’t be a big deal.”
“It would be better if Switzerland had two big banks,” Grübel continued. “Entrepreneurs don’t want to be tied to one bank, it’s unhealthy.”
Central banks to blame for misery
But Grübel does not want to interpret the fact that there has been an explosion in CS as a sign that little has changed since the financial crisis. “From the point of view of the period, the tightening of regulations was correct, banks today have more capital than ever before. However, this does not protect against loss of credibility.”
According to Grübel, central banks are responsible for the bank earthquake. “First, a lot of banks and other industries are struggling because they kept interest rates too low for too long and now have to raise interest rates so much,” he says at Spiegel.
Integrating CS into UBS will be “challenging”, especially for employees.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
