In a thin overcoat for the traditional breath cloud interview at the World Economic Forum in Davos, UBS's CEO advised his investors to keep cool.
At five degrees below zero, UBS CEO Ralph Hamers gave a «CNBC» interview at the world economic forum in Davos – wearing only a camel hair (see picture below), while the moderator sat wrapped up in a polar jacket.
A cool-headed CEO brought across his assessment of the situation in the stock market: UBS and its experts see inflation in the USA and Europe weakening over the course of the year. However, it is still too early to identify a clear trend, Hamers said. «We certainly won't go all-in just yet,» the CEO of Switzerland's largest bank said.
(Image: Screenshot CNBC)
Turning Point
This also applies to his own company. UBS is in growth mode and wants to carry the momentum of the past years in wealth management.
At the same time, however, the institution is very cautious about expanding staff. «But we are still hiring,» Hamers stressed - which contrasts with those competitors having to cut jobs. This includes Swiss arch-rival Credit Suisse, which will slash 9,000 jobs by 2025.
Hamers sees a lot of psychology at play in the markets and the economy. 2023 is a year of turning points in which the various players in the economy have to figure out how to deal with a new outset, he said.
