Sergio Ermotti gave an update at a media event on the situation at Credit Suisse and when the troubled bank's problems started.
The situation at Credit Suisse has stabilized and outflows from the bank had been halted, UBS CEO Sergio Ermotti said at the Swiss Media Forum in Lucerne, as reported by «Reuters.»
Ermotti, who was called to the rescue as CEO when UBS was forced to take over Credit Suisse in March, also said he hoped there would be an investigation into Credit Suisse's downfall and that it would be thorough enough to shed light on what led to the collapse.
Referring to the bank's tailspin, he is quoted as saying «[...] it is crystal clear, this situation did not develop in the last six weeks or six months but over the course of the last six, seven years.»
