Sergio Ermotti, the newly-appointed CEO of UBS, has sought to appease investors who are expressing anxiety over the bank’s recent takeover of Credit Suisse and the size of the new combined entity. The combined bank would hold $1.6 trillion in assets and have over 120,000 staff.
“Even putting UBS and Credit Suisse together, we won’t be at the top of the classification for international banks in terms of size,” Ermotti stated in an interview with Italian business daily Il Sole 24 Ore.
“We have a good position thanks to our activities, and our greater critical mass at a global level will certainly give us another advantage. The question of excessive size does not arise.”
Going forward, the bank will follow the successful strategy of UBS, Ermotti confirmed. He emphasized the central role that wealth management activity and the containment of risks would take.
Ermotti previously served as the chief executive of UBS from 2011 to 2020. He is also the chairman of the insurance group Swiss Re and is expected to assume the role of UBS CEO on April 5.