UBS chief executive Sergio Ermotti stated on Saturday that his bank appears to be poised for success following its takeover of former Swiss banking rival Credit Suisse.
“The prospects for UBS are better than ever,” Ermotti wrote in an opinion piece for the Swiss newspaper Tages-Anzeiger. “This also applies to the future of the Swiss financial center and its important role in the Swiss economy.”
Ermotti sought to address public concerns regarding the overwhelming size of the new unified bank, consisting of both the entirety of UBS and Credit Suisse. The chief executive insisted that the size of the bank would serve as a problem because its business model is poised to generate wealth for Switzerland.
Still, Ermotti warned that the success of the new banking institution would rely heavily on how well-planned the new organizational structure is. With a combined balance of $1.6 trillion and a workforce of 120,000, details on the integration of the two banks under one unified banner remain sparse.