UBS CEO Sergio Ermotti addressed the lingering effects of the 2023 Credit Suisse crisis, stating that emotions in Switzerland remain elevated. Speaking at a financial services conference in Florida on Monday, Ermotti noted that the Swiss Parliament is now engaging with the matter with less emotional bias. UBS is a multinational investment bank and financial services company founded and based in Switzerland. UBS provides wealth management, investment banking, asset management, and retail banking services to individuals, corporations, and institutions.
Ermotti anticipates gaining greater clarity on upcoming regulations within the next few months, reiterating UBS’s commitment to maintaining its global banking operations headquartered in Switzerland. He dismissed the possibility of redomiciliation, stating, “It’s definitely not something that we are now focusing on.” The CEO’s comments come as UBS navigates the aftermath of acquiring Credit Suisse in a government-brokered deal aimed at preventing a wider financial meltdown.
In the United States, UBS has been bracing for challenges concerning financial flows. Ermotti acknowledged headwinds in the bank’s U.S. wealth management sector, which experienced outflows despite the company’s overall profits exceeding forecasts last week. Ermotti explained that UBS is prioritising efficiency over growth in the short term.
According to Ermotti, the bank’s strategy in the U.S. is geared towards the medium to long term and focuses on re-establishing suitable levels of profitability. The bank aims to navigate current economic conditions while solidifying its position in key markets.
