UBS Chief Executive Sergio Ermotti said the bank will persevere with its strategy in China and may yet complete the increase of its headcount ahead of schedule.
The CEO was speaking in China at the Swiss banking giant's annual gathering in Shanghai. Ermotti underscored the importance of China as a key market, echoing the words of UBS Chairman Axel Weber who has repeatedly stressed that investment in China is a long-term commitment for UBS.
Asian Competition
Commenting about recent leadership changes in the wealth management division, the chief executive told «Bloomberg» he expected Martin Blessing, the new head of the unit, to focus on «executing the strategy».
Ermotti said he was comfortable with the position of his bank in Asian wealth management even with the emergence of regional competitors and that burgeoning wealth creation in Asia created more opportunities for the industry to grow.
