Ermotti seeks investigation into CS drop

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UBS boss Sergio Ermotti, 63, made a public appearance at the Swiss Media Forum for the first time since taking over as head of the banking giant. He also talked about the integration of Credit Suisse (CS) into UBS.

In this context, Ermotti also talked about trust as an important asset of banks. It also seeks clarification of the reasons that led to Credit Suisse’s downfall and emergency recovery. Ermotti: “It’s very clear: the situation has improved not in the last six weeks, but in the last six or seven years. That’s why there is a need for a very old investigation, a full 360-degree investigation.”

When asked this question, it was stated that Ermotti understood that CS would not survive in his first stint as UBS boss. In UBS, appropriate scenarios were used.

The transaction will be completed soon

Ermotti said UBS is on track to complete the CS integration within three months. Much of what would normally take years now happens in a hurry. The first details of the transaction were made public on Tuesday.

Ermotti also defended the size of the new UBS. The business model and the risks it takes are more important than the size of a bank. It’s about more than just the right size – “it’s about the size and strength of Switzerland as a financial center in competition with other financial centers around the world”.

In addition, Ermotti had to comment on the appointment of CS boss Ulrich Körner, who will become a member of the UBS group management. According to Ermotti, this plays an important role in the integration of Credit Suisse. Körner knows CS very well and has also worked at UBS. “I have to do Realpolitik,” Ermotti said. “I make decisions based on facts, not feelings or nostalgia.”

The latter in particular is still a very frequent occurrence, especially in politics and public discourse. (SDA/rae)

Source :Blick