Axel Weber is playing with acquisitions

The leading Swiss bank UBS wants to further increase its market share in asset management, if necessary with acquisitions, as Axel Weber explains in an interview. It is resisting pressure from investors to further reduce costs. Today’s uncertain times should not be mastered at the expense of employees.

One of the largest Swiss employers remains faithful to its workforce despite the crown crisis. President of UBS Axel weber says in an interview with “NZZ am Sonntag” (Item with costs), the bank is not currently planning any savings programs.

“We don’t want to face this uncertain time with a subdued economic outlook at the expense of our employees.” UBS employs 70,000 people around the world, including 21,000 in Switzerland. The UBS president is thus resisting pressure from investors and analysts who criticize the big bank’s costs for being too high.

I’m not looking for a couple

The Zürcher Kantonalbank (ZKB) writes in its latest UBS analysis: “Every new CEO would have to cut costs by 5 to 10 percent.” The ZKB refers to the change of leadership since the beginning of the month: as successor to the boss of many years Sergio Ermotti the dutch has Ralph hamers assumed the role of CEO.

Weber also commented on rumors of a merger with Credit Suisse at the “NZZ am Sonntag”: “UBS is not looking for partners, we are strong enough to shape our future alone.” However, as the number one in global asset management, UBS wants to increase its market share, if necessary with acquisitions.