Sergio Ermotti wants 360-degree investigation into CS decline

It was crystal clear, Ermotti said Friday: the situation had not developed in the last six weeks, but in the last six, seven years. That's why an investigation that goes back a long time - "a complete 360-degree investigation" - is necessary, he said.

UBS is now on track to complete the transaction within three months, Ermotti said. Much is now happening in a rush that would take a year under normal circumstances, he said.

"It's not about the size"

Ermotti also defended the size of the new UBS and the appointment of Ulrich Körner. More important than the size of a bank, he said, is its business model and the risks it takes. It is about much more than the right size - "it is about the size and the strength of Switzerland as a financial center" also in competition with other financial centers worldwide.

CS CEO Ulrich Körner, who will become a member of the UBS Group Executive Board, will play an important role in the integration of Credit Suisse, according to Ermotti. Körner knows CS very well and also worked at UBS. "I have to pursue realpolitik," Ermotti said, "I make decisions based on facts, not on emotions or nostalgia."

Media important for bank customers

The UBS CEO also addressed the importance of the media. These also play an important role for the banks and have a great responsibility, said Sergio Ermotti. The media help citizens to form their own opinions and thus play a central role in society.

"Bank customers and employees also base important decisions for their business and investments on your work," he told journalists. Regardless of whether it's the printed newspaper, radio, television or social media, he said. "At the end of the day, it's about credibility." (SDA)