“No reason to be afraid”

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New and former UBS CEO Sergio Ermotti, 62, is delighted that he is now allowed to merge the two major banks: “I feel honored and privileged to be able to run the bank in these times,” he told the Ticino analyst conference. First quarter of UBS.

And he immediately makes it clear that he’s inherited, so to speak: “When I left UBS, all options for the bank were open, including a major acquisition.” Today UBS is more powerful than ever. “We are ready for the integration of CS.”

The Credit Suisse acquisition is also the focus of several telephone conferences. Two things are of particular interest: the obstacles to be overcome before the deal can be concluded, and the fate of the employees.

painful task

Ermotti sends reassuring messages to employees at both banks: “There is no reason to be afraid. We need to operate two banks as soon as the transaction is complete,” said Blick when asked. This requires everyone: “There is no urgent need for layoffs,” says Ermotti. But he also has to admit that reducing the iteration will be the “most painful part” of the whole process. The UBS CEO hopes natural departures and demographics help: Many of the two banks’ employees are close to retirement.

The only thing missing is the approval of competition and supervisory authorities, especially in Europe. “This is the mechanical part of the takeover that still needs to be worked through. Ermotti is pretty confident that this can be done in the next few weeks. “I don’t expect any major obstacles, we just have to go through the processes now,” he explains his optimism.

Source :Blick