The UBS CEO sees good momentum in the current quarter in recovering client money withdrawn from Credit Suisse before the takeover.
Sergio Ermotti visited Asia for the first time since returning as CEO of UBS, saying it's very important to reaffirm our commitment to China and Chinese stakeholders and update them on the state of integration, he said in an interview with «Bloomberg» in Beijing on Monday (behind paywall).
He had encouraging things to report and sees «good momentum» in the current quarter in recovering funds that clients had withdrawn from Credit Suisse before the takeover in March.
Still, «it’s going to take a few quarters to regain a good chunk» of those funds, he cautioned, adding that «getting back everything is going to be almost impossible, but our aim is to recapture as much as possible.»
In general, Ermotti observed positive customer inflows worldwide. It's «fair to say investors are more constructive than they’ve been recently» and also «very encouraging to see that our clients are responding to our actions.»
Rapid Progress
Asked about the ongoing integration of Credit Suisse, Ermotti said UBS moved very quickly to complete the merger in record time, thanks to cooperation with regulators around the world.
Commenting on the job cuts that are unsettling many employees at the two banks, Ermotti said UBS has been able to take advantage of «natural attrition» to downsize the business. He said the bank is working to cushion the social costs of the job cuts, and that extensive restructuring is necessary to strengthen both businesses for the future.
