The CEO sees UBS in growth mode
The big bank is adopting a two-pronged strategy with a focus on Asia and the United States to boost growth.
According to CEO Ralph Hammers, growth is happening among global wealth managers.
Photo: Ennio Leanza/Keystone
According to CEO Ralph Hammers, UBS is currently in “growth mode.” Accordingly, the large bank wants to continue hiring employees in areas that are important to it, the head of UBS said in an interview with Bloomberg TV at the World Economic Forum (WEF) in Davos.
“Growth is happening among global wealth managers,” Hammers said. This is currently showing not least in Asia and the Middle East, where the bank is seeing strong momentum. “Customers trust us a lot,” he said, referring to an influx of new money in the third quarter of 2022.
Hammers sees no conflict with the specifications of Chairman Colm Keeler, who has clearly laid out in recent interviews the focus of UBS’s growth on the US business. UBS wants to focus on both the Asian region and the USA. “We are pursuing a two-pronged strategy to support our growth.”
Hammers again rejected the link between the influx of new money into his bank and the problems of ailing rival Credit Suisse. Instead, the inflows have to do with UBS’ strengths and offerings, he emphasized. “Our clients know wealth management is what we do, not what we do too.”
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