Sergio Ermotti is happy to be back

The UBS CEO sees good momentum in the current quarter in recovering client funds withdrawn from Credit Suisse before the acquisition.

For the first time since his return as CEO of major Swiss bank UBS, Sergio Ermotti returned to Asia at the beginning of the week. He said in an interview with The Sun newspaper that he believes it is very important to “reaffirm our commitment to China to all Chinese stakeholders and at the same time inform them of the status of integration.” “Bloomberg TV” Monday in Beijing (paid article).

Good momentum

The UBS boss also had some good things to report. He sees “good momentum” in the current quarter when it comes to recovering funds customers withdrew from Credit Suisse (CS) before the takeover.

“It will take a few quarters for us to get a significant portion of it back,” he said confidently. However, he qualified at the same time: “It will be almost impossible to get everything back.”

Overall, Ermotti notes positive customer flows around the world. “You could say investors are becoming more constructive again.” It is also very encouraging how clients have responded to UBS’ actions.

Fast forward

When asked about the continuous integration of CS at UBS, the top manager responded. “We moved very quickly and completed the transaction in record time, thanks to good cooperation with regulatory authorities around the world.”

Regarding the staff cuts, which have worried many employees of the two big banks, Ermotti said that UBS was able to use “natural fluctuations” to reduce the size of the business. The bank is trying to mitigate the social costs resulting from job cuts. A deep restructuring process is necessary to strengthen both business areas in the future.