From CNBC:

UBS CEO Sergio Ermotti dismissed concerns about the bank’s balance sheet, stating that people are being “indoctrinated” by academics and should do their homework. UBS completed its takeover of Credit Suisse in June 2023 after an emergency rescue deal was brokered by Swiss authorities to prevent the collapse of the 167-year-old institution and protect the Swiss economy. Ermotti was brought back to oversee the integration of Credit Suisse’s business, which has been successful according to the market. The combined balance sheet of the new entity is estimated to be around twice the size of the entire GDP of Switzerland, raising concerns about risk concentration.

Ermotti spoke to CNBC at the World Economic Forum in Davos, Switzerland, addressing concerns about the bank’s balance sheet and its impact on the Swiss economy. He emphasized that the new UBS is a low-risk, globally competitive entity that is a reflection of Switzerland. Ermotti also highlighted the bank’s tax contributions and urged the public to consider both the risks and benefits. He emphasized the need for an informed opinion and encouraged people to do their homework before forming an opinion.



Read more: UBS CEO says Swiss public ‘indoctrinated’ to worry about bank’s balance sheet